The challenges for fund groups getting TCF right for D2C

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M&G's launch of a new online service for direct customers later in the summer offering lower fund charges has prompted headlines of a price war with execution-only platforms, but behind the news lies a crucial question for all UK asset managers. Are they treating customers fairly when it comes to legacy business?

The asset manager has a large back book of some 190,000 direct clients built up over decades. This is a small part of its overall UK retail business, of which the vast majority is advised, but these clients...

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