FCA backs away from fund charge cap in competition study - report

The paper reports the regulator was expected to examine placing a ceiling on annual charges, and forcing fund managers to be more transparent on fees, as part of its Asset Management Market Study. However, The Sunday Times quotes City sources, who have had discussions with the FCA, saying it has been steered away from capping fees. The watchdog is understood to believe that fee caps alone cannot prevent investors from paying over the odds for investment products. But insiders said the FCA has not yet reached any firm conclusions, according to the report. Following the UK's decis...