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UK FCA names transparency campaigner to decide fee standards for asset managers

The U.K. Financial Conduct Authority named campaigner Chris Sier chairman of a working group that will establish fee standards for the country's asset management industry, the Financial Times reported.

Sier, a professor at Newcastle University Business School, has been campaigning for more transparent reporting standards for asset managers for the last eight years.

"We need to be able to agree reform that will benefit the entire institutional investment community so they can make better decisions on behalf of consumers," he said.

The working group will be made up of industry and investor representatives who will formulate a template for disclosures by major asset management firms. Sier's work on the transparency code made for the Local Government Pension Scheme, together with the Investment Association, the trade body representing asset managers, will serve as a blueprint for this template, the FT reported.

The working group is expected to begin work in September and publish its findings by year-end.