Accurate disclosure of costs is vital for all investors and they should know exactly how much they are paying for an investment. Investors who buy and hold investment trusts and investment companies incur no ongoing costs.
Company expenses are incurred by a company in the course of running the business and should not be presented as investor costs.
Both should be made public, but should be accurately described.
A group of MPs and investment industry participants have been campaigning for accurate reporting of costs and expenses since 2023 and this website provides information and statements published
throughout their campaign.
In December 2025, the FCA published the long awaited new Consumer Composite Investment (CCI) rules, which will replace PRIIPs rules in the UK. The document, which you can find here, covers a huge spread of investments. Importantly, it directly addresses and puts right the problem that has variously been referred to as ‘double counting’, ‘cost disclosure’ and ‘synthetic costs’.
While the new CCI rules are welcome, there is a snag. This is because the rules only apply to investors regulated under the CCI, such as open-ended funds. They don’t cover other market participants such as platforms, wealth managers and advisers who are separately regulated under MiFID.
There is a MiFID review scheduled for 2026, so there is a reasonable chance it will be fixed. If it isn’t, we will have an untenable situation in which different types of shareholder will appear to bear different costs. We are confident a solution will be found to the MiFID problem and, all being well, this solution will coincide with the implementation of the CCI rules.