Investors are set to be paid £34m in compensation from asset managers overcharging them for investment funds, with another asset manager being pursued by the FCA.
The news comes as the FCA investigated the widespread issue of ‘closet tracker’ funds.
‘Closet tracker’ funds charge investors higher ‘active’ fund management fees, but deliver fund performance that simply tracks a benchmark or index.
Transparency Task Force founding chair Andy Agathangelou said: “I think this is hugely positive news for investors, particularly long-term pension savers, right around the world; and that it can become a platform for further change and reform.”
“There’s been a smoking gun on the awful issue of closet trackers for years so whilst it’s a case of ‘better late than never’, the FCA deserve great credit for chasing down this issue so tenaciously since their Asset Management Market Study.”
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The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
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