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View the article online at http://citywire.co.uk/wealth-manager/article/a739859

NCI: KIIDs are 'waste of time', let's create a code of practice

by Elsa Buchanan on Mar 12, 2014 at 07:00

'You have to recognise that there are these inconsistencies and that each small or big boutique firm wrestles with those.'

The NCI chairman hinted the principles could be set up as a living document, which could also reflect the changes in the industry including debates around risk assessment or dealing commission to buy research.

This comes less than a year after two wealth managers joined forces to create a framework to estimate the total costs of running discretionary portfolios.

Following a Wealth Manager article on the topic in 2012, Rathbones and Quilter Cheviot decided to engage in discussions to compare their methods of calculation.

The duo put together an approach (click here for full details) that expressed total costs as an annual percentage in a similar vein to the ongoing charges figure for collectives.

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1 comment so far. Why not have your say?

Evertonyan

Mar 15, 2014 at 10:07

I fully agree that KIDDs are a waste of time. As an individual investor I can honestly say I have never bothered reading one. Investment research into asset classes is the most important tool for an investor followed by an individual fund managers past performance. All other 'paperwork' such as KIDDs is the domain of small minded civil servants who should not be let loose on the public.

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