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Policy and consultations

Guiding principles for policy

Markets exist to serve savers and those raising capital, not the other way round.  The costs of bringing the two together should be kept to the minimum.  Intermediaries should not be able to extract excess rents.

Government and regulatory policy should similarly put the interests of savers and investors before those of market intermediaries.

Good regulation which enhances financial stability and the confidence of savers and investors is to be welcomed.  The successive EU UCITS directives are examples of this.  Poor regulation, which increases investor cost without adding commensurate benefit is not in the interests of savers and investors, and should be avoided.

Retail customers should be informed clearly and accurately how their money is being invested, what it is costing them and what the risks are.  They should not be told they can receive higher returns without higher risk.

Conflicts of interest should be managed and rewards aligned with the interests of customers, and innovations should be made only in the interests of customers.

Regulatory timelines over the last 40 years there has been a marked shift, with regulation now coming mainly from the EU. Compare our Timeline of UK regulatory events with our Timeline of EEC/EU regulatory events.

Consultation

Identification of the primary share class by the data vendors in preparation of performance data in a post RDR environment

The primary share class is used by the data vendors in preparation of past performance data in ranking tables and in their calculation of the IMA sector average indices.

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Revised SORP

The IMA has issued a revised Statement of Recommended Practice (SORP)  for the financial statements of UK authorised  funds. These revisions were subjected to a public consultation in  2013.

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Responses and representations

Many of our policy positions are set out in the responses sent to consultations by the Government, regulators, the European Commission and others.

Responses

Parliamentary activity

IMA regularly submits written evidence and gives oral evidence to parliamentary inquiries, as well as briefing MPs and Peers on legislation and policy issues.

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Industry guidance

Documents produced by IMA or in association with other parties, which set out good practices and standards.

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