Frank Field: Lack of fee transparency 'like Hillsborough cover-up'

Pension savers 'deeply depressed'

clock • 2 min read

Asset managers' failure to provide clear transaction costs incurred in pension funds leaves savers "deeply depressed", Frank Field says.

The Work and Pensions Committee (WPC) chairman, who resigned the Labour whip last week, said opacity in the fund management industry was akin to the alleged police cover-up in the 1989 Hillsborough disaster - which saw 96 football fans killed and convictions being sought against police 27 years later. He made the comments today (5 September) during an inquiry into whether the pensions industry provides sufficient transparency of costs and charges, as well as strategy and performance data to pension scheme members, noting "the [Hillsborough] cover-up stopped" once all the evidence had bee...

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