Question to the HM Treasury:

To ask Her Majesty’s Government what representations they have made to the European Commission over the conclusion of the Financial Services User Group Report on the €10 trillion European asset management industry that "it does not appear to be producing good value for investors with higher fees not producing better performance".

Treasury Ministers and officials make regular representations to the European Commission on a wide range of issues. We cannot disclose details of specific representations.

The government is committed to ensuring that investors are treated fairly when they make investment decisions and are able to get the best outcomes from their investments. Ensuring that investors can easily understand and compare products is an important part of this.

The Government noted the Financial Services User Group’s contribution to the debate on these issues and will consider the recommendations made.