Chris Sier, chairman of the institutional disclosure group, has had to apologise to the Investment Association and Schroders for accusing the industry of taking £35bn a year too much in hidden charges.
The Financial Conduct Authority (FCA) appointed academic has been tasked with bringing greater transparency about the fees charged by investment houses.
In an interview with The Times, he said the industry was “arrogant and complacent” and that the IA and Schroders are particularly resistant to change.
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