The Alternative Investment Fund Designation Bill [HL] is a private member’s bill introduced by Baroness Altmann (Conservative). The bill was introduced on 22 November 2023 and its second reading is due to take place on 1 March 2024. 

The bill would exempt listed investment companies from a series of regulations, including several related to the aggregation and disclosure of certain ongoing costs and charges. Baroness Altmann, supported by figures from the investment industry, argues that these costs are already reflected in the share price of such companies and that this ‘double counting’ of costs makes them look artificially expensive to investors. 

The government and the Financial Conduct Authority (FCA), which regulates the financial services sector, are receptive to industry concerns about this issue. The FCA has introduced temporary measures to mitigate it and the government has committed to pursuing a long-term legislative solution.


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