Question to the HM Treasury:

To ask Her Majesty’s Government what action they intend to take in respect of "active managers" following an index despite charging for stock picking expertise; and whether they intend to impose fines for the mis-selling of such products and to pursue a clawback of costs and bonuses.

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.