Buxton accuses FCA of being pro-passives

"I'm not a fan of tracker funds, but managed funds in the UK are much more expensive than managed funds in other countries."

He said the vast majority of active managers are "not worth the money they are paid" because they don't outperform the tracker funds.

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"I think something needs to be done to regulate the quality of fund management, where some funds are filtered out and not allowed to be sold if they are not up to a certain standard."