View the article online at http://citywire.co.uk/wealth-manager/article/a756229
Why hasn't the wealth industry adopted a total cost methodology?
by Elsa Buchanan on Jun 18, 2014 at 07:00
‘We have templates available that members can use to answer specific cost queries, particularly for new clients. All these are available to view as we fully support total transparency. We are always open to discussing the issue with the industry and regulators.’
In Reid’s view, the reason the methodology has not been adopted more widely is because the WMA have not devoted enough time and resource to the issue.
A spokesperson at the Financial Conduct Authority said: ‘Firms must present their fund charges clearly and consistently so that retail investors are able to compare charges before making decisions on where to invest.’
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