HC Deb 03 April 2002 vol 382 c1034W
Mr. Lazarowicz

To ask the Chancellor of the Exchequer what steps he is taking to ensure that fund manager and stockbroking firms do not levy unjustified charges on their clients. [45784]

Mr. Andrew Smith

The Myners review of institutional investment reported that the costs of broking commissions were subject to insufficiently clear scrutiny and control. The Government took forward the recommendations of the review, and following a period of consultation, issued a set of principles of investment for pension funds, and 10 questions for trustees to ask fund managers to ensure that they understand charges. A review of progress will start in March 2003 to decide how successful the principles have been in bringing about change.

For retail investors, CAT standards and stakeholder pensions impose strict limits on charges by financial institutions.