Politicians raise pressure over pension fund fees

Tory MPs have joined their Labour counterparts in signing a letter calling for pension fund managers to be more transparent about their charges, according to reports.

The Financial Times reported that Conservative MPs David Mowat and Nigel Evans has broken ranks with the party’s top brass and co-signed a letter to the Financial Reporting Council, the accountancy watchdog, demanding fund managers do more to explain their charges.

The FT said MPs have raised concerns about profits being skimmed off by traders, transactional costs of underlying funds, profits made when funds lend stock, and interest retained by fund managers on cash balances.