FCA sticks to 'all-in fee' including transaction charge estimate but further work needed

In the Final Report of its Asset Management Market Study into competition in the sector, published today, the regulator has responded to feedback from last November's Interim Report, which was extremely critical of the actively-managed funds sector. However, the regulator said additional analysis has not "materially changed" its overall conclusions. The FCA concluded neither active nor passive funds outperform their benchmarks after costs, and it found "examples of poor value for money products in both active and passive strategies". It has confirmed its interim findings that there...