M&G's launch of a new online service for direct customers later in the summer offering lower fund charges has prompted headlines of a price war with execution-only platforms, but behind the news lies a crucial question for all UK asset managers. Are they treating customers fairly when it comes to legacy business?
The asset manager has a large back book of some 190,000 direct clients built up over decades. This is a small part of its overall UK retail business, of which the vast majority is advised, but these clients still need to be offered a duty of care. In today's internet age, this means offering a modern online service built around 24/7 access to investments, and a move away from the old days of clients receiving a few paper statements a year. M&G to launch new D2C online service offering lower fund charges All current and future customers invested directly in M&G ISAs and funds will b...
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