FSA will not rule on retail fund disclosure

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...