While Hughes supported the FCA’s talk on value for money, he added more focus should be on getting a stronger performance from managers.
“I said it last November too but it is a warning shot for the industry to get its house in order before that are forced too,” he added.
Justifying the increased costs, the FCA wrote: “We think that it is likely that the fees and charges will drop considerably more than this low breakeven level, and that our proposal will bring net benefits.”
