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Article: Fund managers urged to come clean on fees

Article from:
Evening News - Scotland
Article date:
April 7, 2003
Copyright

THE Financial Services Authority, Britain's City watchdog, today called for fund managers to open their books and show investors exactly what they are paying for.

The regulator wants to stop fund managers charging customers without their consent for anything over and above the cost of buying and selling shares.

Gay Huey-Evans, director of the FSA's markets and exchanges division, said: "Up to 40 per cent of total commission spend is used to acquire services additional to dealing, so it is important that investors are clear on how their money is spent."

He added: "These proposals are designed to do away with distortions in the market and make fund managers more answerable to their ...

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