Question to the HM Treasury:

To ask Her Majesty’s Government what is their assessment of the transparency of costs charged to investors by asset managers based and regulated in the United Kingdom.

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.

This question has been passed on to the FCA. They will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.