Firms must reveal investment costs

Updated: 

cash

UK investment firms will have to reveal the total costs of charges passed on to consumers under new European rules.

By 2016, providers will need to give consumers the total overall cost including adviser costs, product costs and third party costs.

Investors will also be able to see an itemised breakdown of all costs annually, or on request, over the course of their investment.

The True and Fair Campaign, which has been pressing for the changes, described the MiFID II directive as a "milestone in consumer protection".

Gina Miller, who leads the campaign, said: "This is a fantastic result for UK and European investors."
© 2014 Press Association