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Treating Customers Unfairly – the tracker funds with ‘enhanced’ fees

Compliance Monitor

Treating Customers Unfairly – the tracker funds with ‘enhanced’ fees

A change in management policy for two investment funds, which allowed retail customers to be over-charged for almost five years, has led to costly enforcement action against Henderson Investment Funds. Lessons should be learned from this failure of systems and controls in relation to the management, oversight and governance of such funds, reports Denis O’Connor.

The Financial Conduct Authority recently fined Henderson Investment Funds Ltd (HIFL) £1,867,000 for failing to treat fairly more than 4,700 retail investors in two of their funds – the Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund (the funds). Henderson also paid £1,784,000 in compensation to the investors.

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