(Bloomberg) -- The U.K.'s financial watchdog is investigating 48 investment companies for potentially failing to follow new rules on disclosing the cost of fees for consumers, the Sunday Times reported.
The Financial Conduct Authority is probing compliance with rules known as MiFID II, introduced last year, which require firms to publish the total annual cost of investing in a fund, the paper said. None of the 48 companies -- which the regulator didn't name -- has been punished or issued with a warning for failure to comply, it added. The disclosure of the investigation stemmed from a freedom of information request, it said.
The FCA doesn't plan to punish companies for failure to comply with all the disclosure rules that came into effect in January 2018 if it sees sufficient progress toward their implementation, the paper reported.
To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net
To contact the editors responsible for this story: Mark Sweetman at msweetman@bloomberg.net, Brian Wingfield, James Amott
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