The Financial Conduct Authority is finally pursuing a pro-consumer agenda – but it is disappointing that it still appears to be dragging its feet on some key aspects. The UK investment industry has been ripping off the consumer for decades, and it is time for the UK regulator to act rather than have further consultations with the industry and its deeply conflicted trade bodies.
Millions of people in the UK depend on the services of the fund management industry for their long-term financial needs. With an ageing population, and the fact that no government will be able to fund a demographic shift which will see the proportion of 65-year-olds rise from 14% in 1975 to a predicted 20% by 2025, investing takes on a vital role, as does the stewardship of the industry.
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