Andy Agathangelou has expressed concern the Financial Conduct Authority (FCA) could allow the Investment Association (IA) to write its own cost disclosure rules, which he said could favour asset management firms to the detriment of investors.
Transparency Task Force founding chair Agathangelou said the IA was "too conflicted to be responsible for the development of a costs disclosure code". He argued the IA's code did not take care of retail investors and had not been subject to open scrutiny. It also did not use legally-binding terms to describe what the costs are. The IA has consulted on an industry code which aims to provide the blueprint for the reporting of charges and transaction costs across the market, "in line with regulatory requirements". But Agathangelou (pictured) said: "It should be the FCA and not a confl...
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