The Financial Services Authority has announced it will not make rules about the disclosure of commission arrangements for retail funds.
In September 2005 the FSA proposed an ‘investors’ representative’ should receive and consider any commission-related disclosures about retail funds – such as with-profits and unit-linked life funds – on investors’ behalf and interact with the fund manager where necessary. The proposal resulted from the fact the FSA’s rules require the disclosure to be made to the fund itself or the firm operating it, and not the individual customers whose money is invested in the fund. It was concerned commission spending out of retail funds might not receive proper consideration, either because of unce...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes