The True and Fair Campaign, a lobbying group focused on greater transparency from investment firms, has welcomed the Association of Investment Companies’ call on its members to consider publishing full portfolio details after the Retail Distribution Review comes into force.

At the start of the year the True and Fair Campaign issued the recommendation that investment firms publish 100 per cent of their holdings at least quarterly – a level of transparency which US clients have enjoyed since 2004. The AIC has subsequently recommended that investment firms have a proper 100 per cent disclosure of holdings preferably monthly - but at least quarterly - with a maximum three-month delay.

The changes brought about by the US Securities and Exchange Commission were intended, in its words, “to improve significantly the periodic disclosure that mutual funds and other registered management investment companies provide to their shareholders about their costs, portfolio investments, and performance”. The True and Fair Campaign believes that it’s high time the same stance was taken by the UK regulator - and the industry it oversees.

“There is simply no excuse for the rest of the fund management industry, and the Investment Management Association in particular, not to modernise and improve, just because their regulator has not insisted on the higher standards being required in the UK,” said Gina Miller, who spearheads the True and Fair Campaign.

“If the old traditional industry of investment trusts can do it, why can't they? The two-tier system for UK investors must stop, whereby US fund management companies are forced to operate by far higher standards for their US customers than their UK customers.”

The True and Fair Campaign says it is time for all trade bodies involved in the savings, investment and pensions industry to come together with the FSA/FCA to implement “firm, enforceable, and workable solutions for genuine transparency of fees and holdings that will improve consumer protection and the reputation of the industry”.

The RDR reform package, which comes into force at the end of December, is aimed at raising the objectivity and professionalism of financial advice in the UK, and therefore enhancing the industry’s reputation. The RDR also marks a milestone in the industry’s journey towards greater transparency over how clients are charged.