Financial Services

House of Lords written question – answered on 9th December 2014.

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Photo of Lord Mendelsohn Lord Mendelsohn Labour

To ask Her Majesty’s Government what plans they have to review the fund management industry in the light of the finding by the Financial Services Consumer Panel that it has “underlying structural deficiencies” which are working to the detriment of retail investors.

To ask Her Majesty’s Government when they will introduce a single figure for costs including management and trading costs to be required of investment managers when reporting to investors.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

The government is committed to ensuring that customers are treated fairly when they make investment decisions and are able to get the best outcomes from their investments. Ensuring that customers can easily understand and compare products is an important part of this. The Government noted the Financial Services Consumer Panel’s contribution to the debate on these issues, including introducing a single figure for costs, and will consider the recommendations made.

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