The Investment Association (IA) has launched a public consultation regarding the standardisation of disclosure for charges and transaction costs in the asset management industry.
The consultation will set out an industry code, aiming to provide a "blueprint for the reporting of charges and transaction costs using a consistent approach across the market and in line with regulatory requirements".
The IA said the move forms part of an ongoing initiative to increase transparency across the industry.
As well as facilitating the provision of data under MiFID II and PRIIPs, it intends to be fully compliant with final rules for the UK DC market following the FCA's consultation on transaction cost disclosure in workplace pensions and will adapt, as necessary, to the conclusions of the FCA Asset Management Market Study.
The industry body said its work has been assisted by an independent advisory board, which includes senior individuals from the UK pensions industry and representatives from consumer bodies and was set up in July last year to provide advice and challenge to the IA.
The IA's work has also been undertaken in collaboration with the Local Government Pension Scheme advisory board, and in line with recommendations from the Financial Services Consumer Panel.
IA director of public policy Jonathan Lipkin (pictured) said: "The asset management industry is fully committed to transparency and recognises the need to provide clear disclosure of both charges and the transactions costs incurred as part of the investment process.
"The new code provides, for the first time, a common framework for enhanced disclosure across investment products and services. It is a major opportunity to consistently define and provide data on charges and transaction costs.
"The IA would like to work with the FCA to seek regulatory recognition for the new code in the FCA's Conduct of Business Sourcebook.
"This consultation is designed to encourage feedback from industry, consumer, government and regulatory bodies on the proposed approach ahead of the code's final implementation and we welcome views from all stakeholders."
The closing date for consultation responses is Friday 19 May. The IA will then review all feedback and publish a final set of proposals in Q3 2017.
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