True and Fair Campaign calls for an OFT investigation into the investment industry
On Tuesday, Gina and Alan Miller, founders of The True and Fair Campaign, hosted an event with Prospect Magazine on Savile Row in London. At it they highlighted the perilous mess that the financial industry truly is in.
During the panel discussion Kay Swinburne MEP avoided answering a question about responsibility from Brighton Rock’s head of research Con Keating whilst Lord Flight, a director of Metro Bank, spoke about his £1 million ISA as if it were something that everybody had. Both illustrated the gulf that exists between those that govern and regulate and the ordinary investor.
By contrast, Alan Miller highlighted the fact that the financial trade press are determined not to publicise the work that The True and Fair Campaign have done towards encouraging greater transparency in the financial sector. In pointing out that such media is focused on protecting their advertisers, he showed that this industry is interested only in protecting itself and not in gaining the best returns for investors.
A report by The True and Fair Campaign named ‘Legalised Looting’ – issued to coincide with the event – revealed that UK investors are being cheated in a like-for-like basis compared to US investors by paying 58% more on their investments. Of this, Gina Miller herself commented:
“The UK investment industry operates an Alice in Wonderland existence where nothing is as it seems. Even senior investment insiders admit they cannot understand what the costs are. In a stock market likely to continue producing single digit returns, there is no place for complacency, lengthy consultations and passing the buck. The Government needs to intervene and encourage a full OFT investigation.”
It is time for change and we commend Gina and Alan Miller in calling for it.
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