that's according to the financial conduct authority. d managers don't offer great value for money and there's no link between performance and reward. andrew bailey is the boss of the financial conduct authority. andrew, thank you forjoining us. good afternoon. a lot of your focus is on fees. what do you want to see happen in regards to fees? we think it is important that there is sensible and clear disclosure of the fee element so that investors know, essentially, what they are paying and what they are purchasing. this does divide into at least two elements. there is an element of fixed fees for all funds and then for those funds that are active and transacting, there will be transactions costs. there will be for all funds but for active funds more of that as we have tried to design that take account of that, both the fixed element and the variable element, to give greater transparency. one of the things you talk about is an all—inclusive fee, or rather an all in fee. a lot of critics are saying that what you should be having is a fee th

those targets >> all right jean-phillipe, thank you very much for your time >>> britain's financial conduct authority wants a major shakeup of the asset management industry in a new report on the sector the fca calls for changes to improve transparency and value and hon for clients. gemma looked through that report it's pretty damming, isn't it? >> it is they're looking to increase the amount of accountability facing fund managers and secondly improve the opportunity for investors to understand what is actually going on in funds that means understanding the total costs better and understanding the funds objective. overall this means improved disclosure and transparency from fund managers. >> that actually going to happen we've seen similar fca reports before, competition coming from the passive industry yet transparency is not improving, maybe the fee structure is not improving as quickly as investors would want. is the asset management industry actually changing? >> look at how long the low yield environment persisted, and the gloomy outlook in many sectors for returns, you think there is more and m

the financial conduct authority wants to make them more competitive — and better value for money.out a quarter of staff at welwyn garden city and hatfield. it's part of plan to cut costs and boost the company's fortunes. better news for the co—op bank. it's agreed a £700 million rescue package to stop it being wound up. investors have agreed to swap their debt for a stake in the bank. let's get detailed analysis of all of this with james bevan, chief investment officer at ccla investment management. thank you forjoining us.. is it time to breathe a sigh of relief about the co—op bank? time to breathe a sigh of relief about the co-op bank? no. this is a welcome relief but by no means the end of the chapter. so the hedge funds that have had to swap bonsall equity now have to raise £250 million. retail investors will get back 45p in the pound but it remains to be seen if the customers still wa nt to to be seen if the customers still want to be in the bank at all. tesco, trouble there, these redundancies at head office. does this speak to a wider problem in the retail sector. certainl

the financial conduct authority wants better scrutiny of those charges and fees and says we simply aren't4 and £400 worse off from making a single bad decision about where your money is put and that i think is a staggering amount of money and that's what the originator wants to come down on. they are big decisions. how can you make them and know what will happen? at the moment there's no way of getting clarity on the transparency. it is interesting to raise the £400 issue. say someone said to you, on your fund we will charge you a quarter of a percent every year, all we can charge you 1% every year and a little bit more for a transaction. it doesn't seem like a big difference. .75% of the difference, but it could equate to £14,000 worse off over the 20 years that your pension is invested, or it is very clear that you have to look at the small print and the regulator says it has to be very clear. they will clamp down on this old boys club, we all of the money is sloshing around, they are charging fees without anyone giving it any real scrutiny. so they will make it transparent and clear an

conduct is under a microscope regarding a whistleblower case. from london, this is bloomberg. ♪ mark: following news this hour that the european financial authorityg up meetings with barclays in an investigation to unmask a whistleblower, this a call at -- this according to three people familiar with the situation. the next phase that is being done by u.k. authorities and regulators and to the ceo of a barclays, he tried to unmask a whistleblower in contravention with the company policy. now other people involved with the process are being contacted so they can be interviewed in the coming months, to get a better idea of what's happening. mark: who are they speaking to and does it matter? >> they have a selection of people from the board, they are talking to some of his confidence, chief of staff in coo, and a few other people. they will decide if he is a fit and proper person to run the company. mark: what does this tell us about how far long we are in the investigative process? it surprising that it has taken this long to schedule the interviews. barclays once this done as soon as possible. it could drag into the autumn or even later this year.

financial diaries how americans cope in a world of uncertainty. they conducted a study of 235 families tracking their earnings, spendings proceedings and borrowing habits for one year. they are interviewed by catherine eden author of $2 a day looking on almost nothing in america. >> host: every book has a story, and every collaboration so i'm curious how the two of you met. >> it was really an arranged marriage. the funders that are interested in the project at a time wanted to replicate the work jonathan and his team have done internationally. that work had inspired many people but one of the questions that started as why don't we have the same level of intuition and knowledge about what is happening in people's lives in the u.s.. we have a ton of data and yet somehow it has managed a kind of insight. i think they knew and jonathan knew there should be a local partner. that was my original role. it tells about. i work at an organization called the center for financial service and innovation. we work on financial health and try to improve the financial health of the time the project started a number of years ago. to understand the national study and actually when i joined the organization my first job is one of

authorization act. we are on track to enter into a full agencywide financial statement audit as required by statute. i urge congress to support the departments request for the authority to conduct the 2021 background. i recognize the careful deliberation that members must exercise considering it. it is one of the most successful and significant efficiency programs. forecasting a properly focused base closure effort will generate $2 billion or more annually over a five-year time, enough to buy 300 apache attack helicopters, 120 f-18's, or for virginia class submarines. the fourth priority in the fy 2018 budget request is keeping faith with service members and the families. talented people at the department's most valuable asset, we must continually balance these requirements against other investments critical to readiness come equipped, and modernization to ensure the military is the most capable were fighting force in the world. investment military compensation, blended retirement the health system and others are essential to filling the talent we need to sustain our advantage on the battlefield. the fifth is support for overseas operations. the budget request $64.6 billion foc

national defense authorization track and we are on track to enter a full financial statement audit as required by statute. i urge congress to support the department's request for authority to conduct a 2021 base realignment and closure or background. i recognize the careful deliberation that members must exercise in considering this. but bract is one of the most successful efficiency programs that we have. a properly based closure effort will generate $2 billion or more annually and over a five-year period, that would be enough to buy 300 apache attack helicopters, 120 f-18 super hornets or four virginia-class submarines. the fourth priority in the budget request is keeping faith with service members and families. talented people are the company's most valued asset. to ensure the military is the most capable war fighting force in the world. investment in military compensation, blended retirement, the military health system and family programs are essential to fielding the talent we need to sustain our competitive advantages on the battlefield. our fifth priority is support for overseas contingency operations. the fiscal year 2018 budget request $64.6 billion focussing on operation

authorization act. we are on track to enter into a full agencywide financial statement audit as required by statute. i urge congress to support the departments request for the authority to conduct the 2021 background. i recognize the careful deliberation that members must exercise considering it. it is one of the most successful and significant efficiency programs. forecasting a properly focused base closure effort will generate $2 billion or more annually over a five-year time, enough to buy 300 apache attack helicopters, 120 f-18's, or for virginia class submarines. the fourth priority in the fy 2018 budget request is keeping faith with service members and the families. talented people at the department's most valuable asset, we must continually balance these requirements against other investments critical to readiness come equipped, and modernization to ensure the military is the most capable were fighting force in the world. investment military compensation, blended retirement the health system and others are essential to filling the talent we need to sustain our advantage on the battlefield. the fifth is support for overseas operations. the budget request $64.6 billion foc

defense authorization act and we are on track to enter into a full agencywide financial statement audit as required by statute. i urge congress to support the departments request for authority to conduct a 2021 base realignment and closure. i recognize the carefulde deliberation that members must exercise in considering this. but brac what a successful and significant efficiency programs we have. we forecasted a properly focused base closure effort willha generate $2 billion or more annually and over a five-year period i would be enough to buy 300 apache attack helicopters, 120 f-18 super hornets, or for virginia class submarines. the fourth priority in fy 2018a. budget request is keeping faith with servicemembers and families. talented people are the departments most valuable asset, but we must continually balance these requirements of investment in our people against other investments critical to readiness, equipping and modernizing the force to ensure the military is the most capable war fighting force in the world. investment in military compensation blended retirement, the military health system and family programs are essential to fielding the talent we need to sustain our compe

financial protection office karl. >> look, ignoring the constitution of the united states establishes legislative powers, and the consumer protection bureau is not funded by the congress thereby removing authority of congress each year to conductdangerous precedent there is no other federal agency that escapes funding from the government except the federal reserve, the independent federal reserve and i do think it ought to be brought under traditional means of having to come to congress each year for budget and receive, receive approval of the congress thereby. >> doesn't that. >> it was a bipartisan vote it ways shoved down throats of congress a handful a handful -- >> that is more than one, bipartisan call it that but either way, my problem with merging into fed sort of falls under political umbrella, you saw the same thing happen with fbi and comey we are supposed to be independent. >> it is not under krom of congress makes it intensely political, meaning director of the -- of the bureau -- let me finish, let me finish, please. don't just because you got the pink tie and vest going on, doesn't give you the right to interrupt me. >> so -- >> incidentally pull tie up i see your top button ruins the look pull the tie up. maria

financial diaries how americans cope in a world of uncertainty. they conducted a study of 235 families tracking their earnings, spendings proceedings and borrowing habits for one year. they are interviewed by catherine eden author of $2 a day looking on almost nothing in america. >> host: every book has a story, and every collaboration so i'm curious how the two of you met. >> it was really an arranged marriage. the funders that are interested in the project at a time wanted to replicate the work jonathan ans