Miller said: “The active sector does need its time in the spotlight, but there’s a bit of a thought that if you invest in a passive then we can go to bed and not worry about it.
“There’s more to it than that, there are some howlers out there. The overarching issue is that high fees can be a huge drag on long term returns.
“From Morningstar’s point of view, putting investors first is key.”
Morningstar has also welcomed the Financial Conduct Authority’s attempt to crackdown on the exorbitant fees charged in the asset management industry.
A spokesperson for Virgin Money said its charge for tracker funds was “clear and transparent” and aided mainstream investors.
They said: “We are committed to a clear and transparent approach to charging and we have a single charge on investment tracker funds.
“It is important that customers look at charges as a whole when comparing investment providers.
“Not all companies’ charges are as transparent as ours, and not all funds welcome the mainstream, mass market investor in the way that we do.”
