The investment industry is riddled with rotten practice. The problem is hidden fees. According to the True and Fair Campaign, these undeclared fees total £18.5bn a year. Just one category of hidden fees – namely “detailing fees” – syphon £2.7bn a year out of UK retail funds alone.The campaign’s founder is husband-and-wife team Alan and Gina Miller. This is no ordinary couple: Alan was the founder of one of the nation’s first hedge funds, and was the star at Gartmore, Jupiter and New Star Asset Management. He’s an industry legend. His new investment vehicle is SCM Private, which he hopes will do more than deliver good returns for investors – it will trigger a total change in the way the industry operates. SCM Private’s funds have no hidden fees. Customers have total visibility of where their cash is invested, and how charges are being levied. Unusual? It shouldn’t be. But in the murky world of savings, it’s a huge change, from a guy so influential it will doubtless have a major impact.
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