An international advisory firm has warned that the FCA should do more to help protect British expatriates from high fees on funds held within life insurance wrappers from UK-based firms.
David Norton, head of investments for AES International said: “An indepth look at what factors influence the size of fund management fees charged to consumers in the UK can only be welcomed.
“However, there are plenty of British consumers outside the UK who get ripped off with very high commissions on a regular basis.”
He said these commissions were often on funds which are held within the life insurance wrappers of companies with head offices in the UK.
“It is time more pressure was put on these companies to export some of the good practice and more transparent pricing offered in the UK to those living abroad,” Mr Norton added.
Right to reply
The FCA was unable to comment at time of going to press.
Last year, the FCA announced it was launching a study into the issue. At the time, a spokesman said: “We are in the process of gathering information about the treatment of long standing customers of life and pension companies.” It hopes to report by September this year.
