FSA to probe 'rising' UK fund manager charges

Peter Smith told Bloomberg he found it hard to understand why fees from UK fund managers were so high. "In what is allegedly a competitive industry - the UK funds market - how is it that the average cost of funds has risen over the years rather than fallen?" he told Bloomberg. "That's something we're going to be thinking about." The attack on the fund management industry comes at a time when fees are already in the spotlight, with the implementation of RDR just around the corner. A number of groups - including Schroders and Fidelity - have already moved to offer low-cost product...