M&G sends out incorrect statements to 10,000 customers
The mistake demonstrates ‘how complicated and opaque the industry is for many customers’
M&G sent out incorrect statements to 10,000 customers about how much they were being charged in fund fees, highlighting the opaque and complicated nature of the wider industry to customers.
The Times revealed over the weekend that the FTSE 100 firm told customers they had paid twice as much in charges as they actually had. The error was only acknowledged after a customer calculated his own fees and flagged the mistake to M&G twice.
The issue was with the creation of custom charges statements for M&G’s direct customers. However, despite the inflated figures on the statement, customers were charged the correct amount. The mistake was rectified by M&G at the beginning of March and customers were issued with correct statements. Those invested through a third-party platform were not affected.
Weekly outlook: US non-farm payrolls; B&M and Pennon full-year results
The key events for UK wealth managers for the week starting 31 May
Monday 31 May
Tuesday 1 June
-Manufacturing purchasing managers’ indices (PMIs) from Asia, Europe, the UK and US
-EU inflation figures
-In the US, quarter results from Zoom Video Communications and HPE
Wednesday 2 June
-UK mortgage lending data
-US monthly car sales figures
-Latest Beige Book economic survey from the US Federal Reserve
-In the US, quarterly results from Splunk
Thursday 3 June
-B&M European Value Retail full-year results
Shares in B&M European Value Retail are up by some 60% over the past year, outpacing the FTSE 100, “in recognition of how the company has kept Britain fed and watered during the multiple rounds of lockdowns that we have all endured,” according to AJ Bell investment director Russ Mould.