The FCA has published key findings of supervisory work to assess the effectiveness of disclosure by asset managers and intermediaries, such as wealth managers, to their retail customers. The supervisory work was prompted by new disclosure requirements introduced by both MiFID II and PRIIPs which came into force in January 2018.
The review has been split into three areas:
- Review of Disclosure of Costs by Asset Managers;
- Review of Disclosure of Costs by Retail Intermediaries; and
- PRIIPs Feedback Statement
The FCA has also published a consultation setting out proposed rules that require pension scheme governance bodies, such as Independent Governance Committees, to disclose costs and charges to scheme members. The proposals are designed to improve the quality of information available to pension scheme members and allow workplace pension schemes to be better held to account by their members.