619 funds breached KIIDs rules
Not competing with passives
Critics of active investing had a field day recently when the FCA announced a group of investors were getting £34m in 'compensation' from so-called closet tracker funds.
Asset managers paid out £34m to investors
Editor's View: Fund groups must get their houses in order as FCA fires warning shot on closet trackers
Asset managers pay out £34m in compensation
Asset managers pay out £34m compensation after FCA action on 'closet trackers'; Provider faces enforcement action
Follows criticism in Asset Management Market Study
The FCA's interim findings as part of its Asset Management Market Study, released last November, should have left the industry in no doubt about the direction of travel for the sector over the coming months and years.
Providers could adopt 'loss leader' approach
Thematic review showed most funds correctly marketed
Has fallen from global financial crisis highs
Issue raised by ESMA last week
Inherited from SWIP acquisition