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 action they intend to take in respect of “active managers” following an index despite charging for stock picking expertise; and whether they intend to impose fines for the mis-selling of such products and to pursue a clawback of costs and bonuses.

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

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.

This question has been passed on to the FCA. They will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.

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