ShareSoc is a member of the Pan-European organisation Better Finance and commented “This is an important report that highlights the harm that inadequate returns give to long term savers. High fees are also hurting returns.
The UK Pensions Fund are valued at £3.8 trillion and are by far the largest in Europe. It is important that the UK lead the way in this area. The recent appointment by the FCA of Chris Sier to chair the panel on costs disclosure is another welcome step and provides a beacon for others to follow.”
ShareSoc note and support recommendation 10 on the need for better financial education, on page 65 of the 520 page report “Basics in terms of financial mathematics (compounding interest rates and returns, annuities) and capital markets (shares and bonds) to be part of school curricula; financial institutions to inform clients on shares and bonds (and not only on fee-laden “packaged” products), and to allow for at least a part of their financial education efforts to be guided by independent bodies.”
Read the Better Finance report by clicking here.