UK Wealth Managers Mystery Shopping
Ahead of the FCA Asset Management Report this Wednesday, SCM Direct mystery shopping research reveals UK wealth managers continue to significantly mislead clients on charges, and may be breaking FCA rules.
SCM Direct conducted a mystery shop of 31 leading UK wealth managers, with total assets managed in the UK alone of over £440bn, who were asked four basic questions for a £1m+ potential new client.
Download the Report here
Share
Related articles
Comments (1)
[…] This makes sense – Game Theory states that one person’s gain is equal to another’s loss (excluding charges), it is, as they say, a zero-sum game. So once managers fees are considered, on average the performance must be lower than that of the benchmark (as they themselves are the market). There has also been an increase in focus from regulators on fee transparency, mostly due to campaigning pressure resulting in regulatory change most recently MiFID II, which is supposed to force fund managers to show all investors the true cost of investing, at all levels in £ and %, and in one total cost number. (We found very little compliance with this rule in our previous research, see here). […]
To contact us please email enquiries@scmdirect.com.