Statement on The FCA’s annual risk outlet
Commenting on The FCA’s annual risk outlet and its statement that it has concerns about the use of ‘complex charging structures’ for long-term investment and pension products, Gina Miller, founder of the True and Fair campaign and co-founder of SCM Private said:
“We are delighted the Financial Conduct Authority (FCA) has acknowledged that ‘complex charging structures’ in the investment and pensions industry are an issue that needs to addressed, and which it will look into as part of its 2013 / 2014 plan.
Posted By: True and Fair, 5:16 pm
“We hope this is evidence that the FCA is intending to start as it means to go-on and that it will adopt a pro-consumer stance in all its actions and activities.
“The game is now up for rip-off fund managers and we hope this statement by the FCA marks the beginning of the end for hidden costs and fees, as we have been campaigning for through The True and Fair Campaign since January 2012. These opaque costs have done much to undermine consumer confidence in savings and investments and have robbed savers’ of the returns they had a right to receive in their pockets.
“Research we commissioned in February revealed that almost three quarters (74%), of investors want costs and fees disclosed as a single, cash figure and we urge the FCA to prioritise action on this – tackling this issue has already taken years, we can wait no longer.”