FCA working group begins fees template testing
By Valentina Romeo
The FCA is to meet fund managers to start testing the template it is creating to improve fund charges and costs disclosure.
In the next two weeks the institutional disclosure working group, chaired by transparency champion Chris Sier, will meet those fund groups who agreed to test the template, which is now in a draft version.
The independent panel was set up by the FCA in September following the package of remedies outlined in the regulator’s final report into the asset management industry.
An update on the working group’s progress in December says the group has looked into whether the template could be split into different, smaller templates for specific asset classes.
Some members of the group have also suggested different templates for different investor types.
Sier says the FCA panel continues to get asset managers involved with its work.
He has also recently told the national press that he estimates £35bn a year is being overcharged from pension funds in hidden costs.
On those managers who had pushed back against reform proposals, Sier said: “The FCA has found you wanting. You’re not doing yourselves any favours by resisting this.”
Speaking to Money Marketing in November, he said that the asset managers complaining the most about the proposals “have the most to worry about”.
He said: “The market has realised this is happening regardless, the template is going to happen.”