The Investment Association (IA) has proposed an industry code to standardise the way firms disclose charges and transaction costs.
The trade body wants to establish a standardised way for charges to be reported irrespective of distribution channel and which also facilitates reporting under various UK and European regulations, such as MiFID II and Priips.
A public consulation has been launched by the IA seeking views about the code. The consultation closes on May 19.
IA proposals also focus on reporting for defined contribution pension schemes, and the Local Government Pension Scheme has collaborated with IA on the code.
Jonathan Lipkin, IA director of public policy, said: “The new code provides for the first time a common framework for enhanced disclosure across investment products and services. It is a major opportunity to consistently define and provide data on charges and transaction costs.”
