Russell Napier, co-founder of independent research provider Electronic Research Interchange (ERIC), has urged the Financial Conduct Authority (FCA) to immediately crack down on so-called 'peppercorn pricing' of research, whereby the largest brokers have agreed negligibly low fees with the buy-side in order to retain their business in other service areas.
MiFID II, which came into force on 3 January, requires the cost of research to be unbundled from other services sold by brokers, in order to provide investors with a transparent breakdown of fees. The...
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