Gina Miller of the True and Fair Campaign and SCM Direct takes on big brand UK fund companies over their attempts to avoid transparency
On Tuesday, Gina Miller, one of the founders of the True and Fair Campaign and SCM Direct, launched a scathing attack on “the anti-consumer colours” of big brand UK fund companies in the wake of an announcement by the Investment Association that will bring increased transparency and improved consumer protection.
In a widely circulated release after M&G and Schroders – funds that account for 11% of UK retailer investors’ funds – announced they would leave the UK trade body in 2016, Mrs Miller stated:
“It beggars belief that a non-legally binding statement of principles which simply contain practices which every other reputable non-investment firm carries out without hesitation, should be considered contentious”.
“It is clear that many in the traditional UK fund management industry are not interested in promoting the best outcomes for its clients or putting customers first. These reported departures and associated explanations reveal a complete lack of any willingness to be opaque, let alone transparent”.
“In the past we have argued that the UK investment industry acts like a cartel and these moves add further weight to our argument”.
“This should act as a final wake up call to the UK regulator and the Treasury that they need to urgently act to reform this industry’s anti-consumer practices.”
Gina Miller – in both the investment and charity sectors – has time and time again proven that she is dedicated to two principles The Steeple Times holds dear: Transparency and fairness. It is time that the UK’s financial sector also took note.
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