The regulator says it had reviewed 84 potential closet tracker funds by the end of 2018, requiring managers to make it clearer to customers how constrained they are in 64 cases.
The FCA says the regulatory redress relates to funds that offer little or no active management component but appear to consumers as though they are active and are subject to charges commensurate with active management.
One firm remains subject to an enforcement investigation.
The action follows on from the findings of the FCA’s asset management market study. The FCA says there is £109bn of funds in partly active funds charging fully active fees.
Campaigners have called on the regulator to reveal the identity of the asset managers involved.
Transparency Task Force founding chair Andy Agathangelou says: “Which asset managers are involved? Which asset manager is facing enforcement action from the FCA for “very misleading” marketing information?
“On the basis that “accountability cures,” which individuals within the firms involved are responsible and what should now happen to them? Or is it yet another case of ‘those at the top didn’t know what was going on’?”