Member

As we have heard, there is some dispute as to what was actually said or intended by the accord and how that has been interpreted. In any event, taking the Government’s apparent interpretation, were I to be a cynic I might observe that the signatories to the Mansion House Accord are all major institutions which are overwhelmingly invested in open-ended funds, partly because they do not thereby suffer the inconvenience of being held to account by the boards of investment companies, so the exclusion of such companies is self-serving. I would not have thought that the Government would wish to promote such anti-competitive behaviour.