"I do not believe the fees we receive compromise our independence," he said.
"I don't believe we have made any substantial requests for adjustments because we believe the fees they have charged are appropriate to the task involved," he said.
Fidelity also said that it provides "valuable services to 401(k) clients for whom Fidelity serves as a record keeper and trustee," adding, "We believe the fees charged and the compensation collected by Fidelity for those services are reasonable".
The watchdog has said it believes the fees are covered by the rules of the Unfair Terms in Consumer Contract Regulations, which means they must be limited to the cost to the account provider of dealing with the customer going overdrawn.
Clegg's claim that social mobility will be improved as a result of the measures has also been challenged by David Davis, the Conservative MP and rightwing standard-bearer, who has announced that he will rebel in the key Commons vote on Thursday because of the damage he believes the fees rise will inflict on social mobility, sparking fears that a few other rightwing Tories might also break ranks.
I don't believe the fees charged would have covered the administrative expense of opening and closing these accounts, not to mention the bonuses paid.
Critics of the practice argue that customers are misled into believing the fees are purely a gratuity for employees, when in reality the employer often keeps a large percentage.
This, of course, is why Bundy lets his cows graze on federal land that is technically reserved for a species of tortoise, while also refusing to pay the $1.2 million in grazing fees he owes the government because he doesn't believe the fees are valid.
There's no point in believing the fee can survive.
Ministers believe the fee acts as a disincentive to local authorities making a thorough search outside their borough for potential parents, particularly for children least likely to find a new home.
