Central Bank found asset manager failed to tell customers some funds were passively tracking indices
Emails, ‘lies’, robots and pencils: inside IDA Ireland’s bitter dispute with Terry Clune’s Connect Ireland
The Central Bank said its thematic review of actively managed funds identified issues around the effectiveness of investor disclosure, most significantly that investors “were not always given sufficient or accurate information about the fund’s investment strategy” in the prospectus and key investor information documents provided to them. It noted that failure to fully inform clients meant they might not be aware of the risks associated with particular investment choices among other things.
“Fund management companies such as MGIM are responsible for ensuring prospectuses and key investor information documents issued in respect of funds they manage contain information necessary for investors to be able to make informed decisions regarding the investments proposed to them. The requirements for accurate prospectuses and key investor information documents are an essential part of the UCITS regulatory framework.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ECB will warn of market correction risk this week, Guindos saysCentral bank sees rising economic threats to Europe
Read more »
ECB warns on property prices while record inflation spells trouble for banks, governmentsECB warns on property prices while record inflation spells trouble for banks, governments via IrishTimesBiz
Read more »
'ECB will probably keep raising rates beyond 2% level'The European Central Bank will probably continue to raise interest rates beyond 2%, but 'jumbo' rate hikes will not become a new habit, France's central bank chief said in a speech in Tokyo today.
Read more »
Bank of Ireland names O'Grady as its new CEOBank of Ireland has named Myles O'Grady as its new group chief executive.
Read more »
Dates of Irish Christmas bank holidays that can turn 4 annual leave days to 15This year, the official bank holiday dates for Christmas week are December 25 and December 26 - Christmas day and St. Stephens’ Day
Read more »
Bank of Ireland investors eye D-word as O’Grady takes chargeNew chief executive Myles O’Grady set to face pressure to clarify bank’s plan for dividends
Read more »