The Financial Conduct Authority should do more to help protect British expatriates from high fees on funds held within life insurance wrappers from UK headquartered companies.
David Norton, head of investments at AES International said: “An in depth 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 of the UK who get ripped off with very high commissions on a regular basis.
“These commissions are 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.”
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