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House of Lords condemns FCA's application of cost disclosure regime for investment trusts
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In a letter to FCA CEO Nikhil Rathi on Tuesday (30 April), the Financial Services Regulation Committee, a newly formed body to oversee UK financial regulators, said the watchdog's interpretation of retained EU regulations is costing the sector £7bn per year. The UK's application of MiFID and PRIIPs requires investment trusts to report costs in the same format as unlisted open-ended funds. According to the committee, this creates a «falsely elevated» number for aggregated ongoing cost forecasts of funds which are held by investment trusts, giving «misleading» information to investors...
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