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,...
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.