The founding chair of industry pressure group Transparency Task Force and governor of the Pensions Policy Institute, Andy Agathangelou, has written to Investment Association chief executive Chris Cummings demanding the trade body apologise for controversial comments made in a 2016 press release regarding hidden fees.
Cummings said in a Radio 4 documentary yesterday (25 January) the comments in the press release describing 'hidden' fund fees, such as those related to transaction costs and research, as the "Loch Ness Monster of investments" were "regrettable". The press release in question summarises research commissioned by the IA, which found "zero evidence that funds' returns are affected by hidden fees lurking within, suggesting that ‘hidden fund fees' may in reality be the ‘Loch Ness Monster of investments'". In the letter, seen by Professional Adviser's sister title Investment Week, Transparen...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
