In an article published by The Financial News on Tuesday 13th of March, reporters Chris Newlands and David Ricketts tackle the "costliest scandal to hit the UK`s financial sector: the widespread mis-selling of payment protection insurance that has hamstrung the banking industry".
Referring to important research conducted by BETTER FINANCE, statements made by Managing Director Guillaume Prache are also included in the article, his quote reading: “It is worrying that it took so long for the UK supervisor to tackle the issue, but even more so to see most continental EU supervisors have not followed suit. The FCA is the first EU supervisor to force closet indexers to indemnify the victims. We hope this good example will now swiftly be followed by others.”
The article follows last week`s news of UK asset managers returning £34m following an investigation by the FCA uncovering widespread evidence of funds charging expensive management fees for doing little more that tracking their benchmark.
To read full article: Closet trackers: Asset management’s dirty little secret.