Over the years we have heard debates in many professions, industries and trades on transparency versus opacity; disclosure versus non-disclosure; overt versus covert. I cannot remember a single occasion when the media or court of public opinion found for the non-disclosure argument. In the 80s, there was a battle against commission disclosure – lost. In the 2000s, funds fought charge disclosure – lost. Later in the 2000s an argument to retain commission over transparent fees – lost! Asset managers, fund supermarkets and networks argued for the continuance of under the counter bungs (so-called by Panorama) – lost. Transparency and disclosure occupy the high moral ground. Advisers must continue to follow suit.
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