14th February 2014
Commenting on the Financial Conduct Authorities’ announcement that it is to launch a study into competition in the annuities market, Gina Miller, Founder of the True and Fair Campaign stated:
“Ending the scandalous rip-off of hidden costs and fees that erode the value of pension savings over workers’ entire careers, and then rip them off again when they come to annuitise, needs more than just a review on pension switching. This industry needs root to branch systemic reform; it is rotten to the core. We hope the FCA reaches the same conclusion and acts more urgently in the interest of consumers, and then widens its review to all products in the pension industry.”
Posted By: True and Fair, 1:59 pm
5th February 2014
Commenting on Daniel Godfrey’s viewpoint on the ‘corrosive issue of hidden costs’, Gina Miller, Founder of the True & Fair Campaign stated:
“While we’re delighted Daniel Godfrey and many IMA members had a good Christmas, millions of investors did not, as they worried about poor investment performance and the impact of costs and fees eroding the value of their investments.
Posted By: True and Fair, 6:59 pm
Commenting on Steve Webb’s announcement that the pensions cap is to be delayed by a year, Gina Miller, founder of the True & Fair Campaign stated:
“We need a full frontal assault on the UK’s rip-off pensions with legislation that forces full transparency, with all costs stated in full, via one uniform number. Currently the proposed cap merely focuses on the annual fee, which is often a fraction of the full cost that pension companies pickpocket from savers’ retirement funds.
“It is shameful that pension companies have successfully lobbied to have caps on charges kicked down the road for a year. I would urge the Government to use this pause to strengthen the proposals so that any caps include all costs and fees. Unless the ABI and its members are forced to reveal and report all their charges, we will have no idea what the Government is really capping – the abuse of British savers will simply continue.”
Posted By: True and Fair, 2:32 pm
22nd January 2014
SCM Private, founder of the True and Fair Campaign, is questioning the benefit to investors of the so-called platform war. It believes that these companies are passing on precious little of their economies of scale and instead are rewarding customer loyalty with higher charges than their smaller competitors.
Gina Miller, founder of the True and Fair Campaign and SCM Private said, “Fidelity, like many of its peers is missing the bigger picture. If they and other brands had the courage to break away from the pack and do the right thing by giving investors and savers, a simple Total Cost of Investing, consumers would be significantly better off. This one number should include ALL the costs that are deducted from investor’s pockets – fund manager, wrapper and platform fees together.
Posted By: True and Fair, 3:34 pm
Labour has thrown its support behind a campaign for more transparency around fund manager fees and financial product charges.
Labour lends support to fairer fees campaign
Posted By: True and Fair, 4:54 pm
19th September 2013
Commenting on The Office of Fair Trading’s Defined Contribution Workplace Pension Market Study, Gina Miller, founder of The True and Fair Campaign and co-founder of SCM Private said:
“We welcome the OFT’s recommendations for improving the quality of information available about DC pension schemes and are particularly encouraged by its recommendation that DC pension costs should be disclosed in one single number.
The OFT rightly concludes that competition cannot be relied upon to drive value for money and we have no confidence at all that the industry will deliver value and transparency without regulatory intervention to force change and safeguard consumer rights.”
Posted By: True and Fair, 4:36 pm
5th August 2013
Commenting on BBC Radio 4′s ‘How You Pay for the City’ programme, aired on Sunday 3 August 2013, (http://www.bbc.co.uk/programmes/b037r5dh) Gina Miller, founder of The True and Fair Campaign stated:
“BBC Radio 4′s ‘How You Pay for the City’ programme, aired on Sunday, is a damning indictment of the complex fee charges and lack of transparency that exists in the fund management industry. The IMA’s claim, on the programme, that the industry is working to find a way to report fund fees and charges via a single pounds and pence figure for ‘historic costs’ is blatantly misleading.
IMA CEO Daniel Godfrey admitted on the programme that ‘it’s very difficult for a reasonable investor to pick through all of it [the information] to find all the pieces’ and stated that the IMA was working on a ‘proposal’ to provide a single figure ‘in pounds and pence’ to show historic costs for investment funds.”
Posted By: True and Fair, 2:17 pm
Commenting on the Financial Conduct Authority’s (FCA) announcement that its investigation into the unit-linked funds sector will include the governance and management of funds, including stock-lending and counter-party credit risk, Gina Miller, founder of The True and Fair Campaign and co-founder of SCM Private said:
“We are delighted that the FCA is delivering clear action rather than words in examining whether unit-linked funds are acting in the interest of consumers – particularly when it comes to stock-lending and the transfer of counter-party credit risk to savers.”
Posted By: True and Fair, 12:38 pm
Commenting on the FT investigation which reveals a huge disparity in fees paid by local authorities for pension schemes, Gina Miller, founder of The True and Fair Campaign and the recently launched trueandfaircalculator.com website, said:
“Investment and pension fund management fees are a national scandal and it is no surprise to read that some local authorities are paying up to three-times more in charges than others for similarly sized pension funds.”
Posted By: True and Fair, 7:35 pm
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