LONDON (Reuters) – Britain’s markets watchdog will force asset managers to be more transparent about the costs they charge customers if the industry does not implement a voluntary scheme to improve transparency within a year.
The asset management industry came up with a voluntary “template” on costs and fees for large customers like pension schemes following a critical “value for money” review by the watchdog the Financial Conduct Authority.
Test - Industry - FCA - Chief - Executive
“It’s a real test now for the industry if they take this up,” FCA Chief Executive Andrew Bailey told parliament’s pensions committee on Wednesday.
“If they don’t, then we will have to act, there is no question about that. The early days were bumpy to say the least, but they settled down and participated.”
Industry - Amount - Leeway - FCA - Officials
The industry would get a certain amount of leeway, but FCA officials told the committee they would expect the bulk of progress in applying the template would be within a year.
The FCA was not able to comment immediately on what further steps it could take.
Watchdog - Plans - June
The watchdog announced plans in June...
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