Gosling's Grouse: Lazy benchmarking won't help industry competition

One of the Financial Conduct Authority's (FCA) interesting suggestions in its Asset Management Market Study is the idea of independent oversight committees.

I say 'interesting' because, like a lot of the discussion in the report's 270-odd pages, it requires a bit of reflective thought to assess the real impact. For the regulator, part of the role of this committee or body would be to shine a light on 'index huggers'. Indeed, the regulator seems a little bit over-exercised to my mind with benchmarks, and how closely or otherwise funds stick to them. Industry reacts to FCA study: Fund rationalisation, significant costs and 'immoral' profits In fairness, it talks about funds adhering to their broader investment objectives and principle...