Not convinced on Sandler step changes

Insurers and banks were quick to heap praise on the Sandler Review, the former, presumably, for an acceptable compromise on with-profits and the latter for an opportunity to gain market share on the back of lighter distributor regulation. Puzzlingly, many investment managers also gave the review a cautious welcome even though we believe it is based on fundamentally flawed assumptions about the funds' industry. One such assumption is that investors should buy index-tracking funds. Is this from the same Ron Sandler who admits that invest- ment outside index-constituent stocks is neces...