FCA Says Asset Managers Misleading Clients Over Costs
Law360, London (February 28, 2019, 12:57 PM GMT) -- Asset managers are calculating product costs and charges inconsistently and sometimes inaccurately, the Financial Conduct Authority warned on Thursday as it urged companies to review their procedures to avoid misleading customers.
Some investment firms are inconsistent in their interpretation of European Union legislation governing how transaction costs are added up and communicated to clients, the FCA is warning. (AP) The watchdog said that some investment firms are not being consistent in the way they interpret European Union legislation governing the way that transaction costs are added up and communicated to clients — making it difficult for customers to carry out like-for-like...
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