Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Costs definition

What does Costs mean? In litigation, costs are the legal fees, disbursements, court fees and VAT incurred in bringing, defending or appealing a claim, and the sums a court or tribunal may order one party to pay another for those liabilities. The concept is governed by procedural rules and case law rather than a single statutory definition: England and Wales (CPR 44–47), Northern Ireland (RCJ Ord 62), Scotland (where the equivalent term is expenses), and Ireland (Legal Services Regulation Act 2015 and the Legal Costs Adjudicators). The general approach is broadly consistent, subject to local terminology and procedure. Typical features include the discretionary rule...

Pension Costs and Charges Transparency: Legal Framework and FCA/DWP Disclosure Duties for Trustees, IGCs, GAAs and Asset Managers, Methodology, CTI Templates, Publication and Enforcement

Published by a LexisNexis Pensions expert

Practice notes

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Why is greater transparency required?

Over time, the Kay Review, the FCA and the House of Commons' Work and Pensions Committee reached the following findings regarding the disclosure of member-borne costs and charges:

Cost information provided to retail customers was not complete. The Kay Review, in particular, determined that outlays tied to implementing exit — for example, performance fees and portfolio turnover costs — were not reported to pension funds even though they were charged to those funds.
Disclosure was uneven. In its 2014 Thematic Review TR14/7, the FCA noted that although some investment firms presented customers with consistent, combined charge figures across all relevant documents and platforms, there remained instances of firms quoting different charge figures across multiple documents, making fair comparisons difficult...

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Web page updated on 21/05/2026

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