Compensation from closet trackers, a 'phoenix firm' and pensions saving via ISA - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend …
Fund houses pay out £34m compensation after City watchdog action Asset managers deemed to have been running ‘closet tracker' funds by the Financial Conduct Authority (FCA) are paying back investors more than £30m in compensation, according to this (paywalled) Telegraph article. The financial watchdog's asset management study flagged the existence of so-called closet tracker funds, which charge active-sized fees for merely hugging an index, and the Telegraph is reporting the asset managers responsible have taken the move to compensate investors. They will reimburse investors for the ...
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