|
|
Ms Bowles has tabled three amendments to the Packaged Retail Investment Products legislation, currently being debated by the committee, which call for the European Securities and Markets Authority (ESMA) to introduce a fund cost calculator similar to that offered by the US regulator. If the amendments are passed, ESMA would require all fund managers and distributors - including advisers - to submit quarterly data in order to keep the calculator’s forecasts up to date.
The amendment reads: “The fund calculator shall include in its calculation the costs and fees charged by the various investment product manufacturers for any fund sold to the public, together with any further costs or fees charged by intermediaries or other parts of the investment chain, not already included by the product manufacturers.”
Ms Bowles said: “The introduction of an online fund calculator at European level is a very interesting and thought-provoking idea as it would allow investors to check for themselves, and to directly compare, the information which is provided to them by fund managers".