FSA: Fund group profits must not come at consumers' expense

The FSA has told asset managers their own profits must not come as a result of poor treatment of consumers.

In a speech today at the FSA's Asset Management Conference, the regulator's managing director Martin Wheatley said consumers should not be left in the dark over fees, while their investment returns should not be impacted too greatly by charges. "This is about finding a way to make sure people's reasonable expectations are met, and that firms' conduct allows for the fair treatment of customers," Wheatley said. "We want you to be profitable, but what the FCA will be about is ensuring  the profits you make are based upon the fair treatment of your customers, rather than at their expense....