A pressure group has accused the UK's Investment Management Association (IMA) of 'stiflin' the debate about fund management fee transparency.
The True and Fair Campaign (TFC) says the IMA will hold a select briefing at its offices tomorrow (25th July) called ‘Fund Charges Explained’ in which the IMA “purports to explain why investors are not allowed to see all the costs in one number and why the IMA continues to refuse the True and Fair Campaign’s call for genuine transparency”.
Gina Miller, founder of TFC and chief executive of wealth manager SCM Private, said the IMA is failing to meet its own guiding principles that retail customers should be informed clearly and accurately how their money is being invested and what it is costing them.
TFC also claims that a failure to embrace full transparency runs contrary to the recommendations from the Kay Report, which was released yesterday and called for full disclosure on management fees and an end to short-termist money management.
The TFC says the fund management industry has ignored the IMA’s recommendations on disclosure of costs for nearly three years and it says that IMA are highly selective when choosing funds to disclose costs for.
Miller added: “Until the IMA learns to stop starring in a Carry on Fudging farce, then it deserves to be treated with the same contempt as the British Bankers Association following the Libor scandal.
“Both have shown the pitfalls of UK regulators allowing self-interested, unscrupulous trade bodies to set the rules.
A request for comment has been submitted to the IMA.
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