Today's excellent FT article about the FCA swiping at high charges and weak competition caught our attention.
According to the FT - Andrew Bailey, CEO at the watchdog, said:
"In today’s world of persistently low interest rates, it is vital that we do everything possible to enable people to accumulate and earn a return on their savings which can meet their lifetime needs. To achieve this, we need to ensure that competition in asset management works effectively to minimise the cost of investment.
We want to see greater transparency so that investors can be clear about what they are paying and the impact charges have on their returns. We want asset managers to ensure investors receive value for money through pursuing energetically their duty to act in their customers’ best interests. The remedies that we are proposing today aim to achieve these outcomes. Low interest rates are necessary for the economy, but we have to do everything else we can to ease the burden on savers. This is one thing we can do."
This resonates with our mission to help our clients increase transparency, reduce costs and re-think the investment process to adjust to persistently low interest rates.
Click here to see the full article.