Article contentĪgainst the backdrop of a hectic social life, this felt like a bargain, until one day, after a few years had passed, I thought “why on earth am I still paying for this table?” When I opened the online statements, I could see that the interest I’d been charged over the years had not only wiped out the introductory discount, but added around 100 pounds to the overall cost. This advertisement has not loaded yet, but your article continues below. watchdogs for failing to inform its customers that it steered their money into higher-fee funds that also paid higher commissions. Even worse was my discovery that the insurance group that recommended these funds also faced sanctions from U.S. It was bad enough that I was among the millions of victims. I eventually received small compensation cheques from some of the settlements I had covered. I was even more outraged when it turned out that I owned shares in several funds that had been involved. This had the effect of siphoning away returns from buy-and-hold investors.Īs someone who invests for the long haul, I was outraged by the revelations. Unscrupulous investment managers had cut secret deals that allowed hedge funds to buy and rapidly sell shares in their funds. Article content Take home message: read the small printīack when I was a regulation reporter, I found myself covering a massive scandal in the United States mutual fund industry.
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