IoD calls for FCA to investigate fund manager pay

The fund management industry is "ripe for investigation" regarding pay packages, according to the Institute of Directors (IoD).

Writing for the Guardian, IoD director general Simon Walker said there was an "alarming lack of transparency" surrounding the pay and practices of fund managers. He argued fund managers are in danger of becoming "the new investment bankers" and losing public trust unless more clarity is given, pointing to research published last month by the New Financial think-tank. Walker also cited issues such as Aviva's conflict of interest fine last week and the £5m pay of Standard Life Investments chief executive Keith Skeoch as causes for concern. The IoD, which has 38,000 members, suggested...