The Financial Conduct Authority (FCA) has fined Henderson Investment Funds Limited (HIFL) nearly £1.9m for overcharging retail investors in its Henderson Japan Enhanced Equity and the Henderson North American Enhanced Equity funds.
The total fine of £1,867,900 was issued for failing to treat fairly some 4,500 retail customers invested in the two funds, which breached Principle 6 of the FCA's Principles for Business. The fine relates to a decision taken by Henderson Global Investors, the investment manager appointed to run the funds, to reduce the level of active management in its Japan and North American vehicles. The FCA said "the subsequent treatment of retail investors in these funds was substantially different from its treatment of the institutional investors in the same funds". Nearly all the institution...
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