The NAPF has published its response to the DWP and FCA’s call for evidence on transaction costs disclosure. In its response the NAPF recognises the importance of understanding the costs of buying and selling investments in securing value for money on behalf of scheme members. However, the response outlines the scale of the challenge involved in capturing, analysing and managing all types of transaction costs. The response makes six recommendations to mitigate areas of the call for evidence that are of concern.