the savings industry perspectives from uk ron sandler 1 july 2005 today s focus findings review regulatory issues creating more financially capable consumers published in 2002 on retail products life insurance individual pensions mutual funds remit identify competitive forces and incentives that drive suggest policy responses to ensure are well served core problems don t work effectively deliver cost efficiency value for money investment practices levels insufficient particularly amongst those lower incomes ineffective competition some evidence decreasing excessive product proliferation features tax benefits wide price disparity identical trackers charges range 0 3 2 pa no correlation between performance preponderance of active management 93 new unit trust sales administration expenses 20001999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 10 20 30 40 50 60 70 80 700 4 5 6 7 real invested assets per contract administrative exp e ns p
