For immediate release: Wednesday 3 April 2002

   

IMA WELCOMES HIGHER STANDARDS

IN FINANCIAL ADVERTISING

The Investment Management Association (the IMA) welcomes the FSA’s intention to promote higher standards in financial advertising, as announced today.  The Association is particularly pleased to note that the FSA will consult on the presentation of both past performance statistics and bond fund yields, issues on which the IMA has been seeking progress for some time. 

However, the IMA believes that a standard presentation of past performance is the key to higher standards for financial advertising.  Until that is implemented it will be very difficult to devise meaningful rules, for example on what is the “predominant message” of an advertisement, which might be a highly subjective judgement.

Richard Saunders, Chief Executive of the IMA, commented:

“The first issue to resolve must be that of standardising the presentation of past performance figures, something which IMA supports in principle.  Once this has been settled, it will be much easier to address other issues, such as prominence.   We have reservations about trying to consider these in the absence of any performance standard.”  

The IMA will consider the FSA’s consultation paper and respond in due course.

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For further information, please contact:

Richard Saunders, Chief Executive, IMA, 020 7831 0898

Clare Arber, Head of Communications, IMA, 020 7831 0898

Helen Stephenson, PR Assistant, IMA, 020 7831 0898

65 Kingsway London WC2B 6TD

Tel: +44 (0) 20 7831 0898 Fax:+44 (0) 20 7831 9975

www.investmentuk.org

Investment Management Association is a company limited by guarantee registered in England and Wales Registered number 4343737.  Registered office as above.