Asset managers pay out £34m compensation after FCA action on 'closet trackers'; Provider faces enforcement action
Follows criticism in Asset Management Market Study
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 the regulator,...
More on Investment
Mark Versey: Assessing the benefits and challenges of real assets
In an exclusive Professional Pensions webinar, Aviva Investors chief investment officer of real assets Mark Versey talks about the benefits and challenges of real assets and some of the key issues for trustees and other investors to consider when making...
Railway companies begin court battle over pensions role in franchising
A High Court battle has begun between the government and four railways companies after they were excluded from franchise bids due to their approach to the £27bn Railways Pension Scheme (RPS).
Further delays to sentencing of former trustee behind £250,000 scheme fraud
The sentencing of former Yateley Industries for the Disabled chief executive and chairman Patrick McLarry has been delayed again.
Pensions commission would create durable policy
As both centre-left and centre-right political think tanks agree on the need for a pensions commission, Gregg McClymont says this could provide a refreshed model for future pensions policy.
Have investment managers improved their ESG approaches?
Investment managers are much more transparent on their stewardship approaches, but it remains important for there to be an ongoing dialogue with trustees. Kim Kaveh explores the findings.
