The Financial Conduct Authority (FCA) has said a number of asset managers have taken the step of paying £34m in compensation to investors who overpaid for 'closet tracker' funds following an investigation by the regulator, while another fund group faces enforcement action for "very misleading" marketing material, according to The Telegraph.
The groups involved will reimburse investors for the higher active charges they paid on what were in reality index tracker funds, although the move is not part of an official redress scheme from th...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date