For Immediate Release: Monday 20 October 2003

IMA WELCOMES THE ANNOUNCEMENT OF A FINANCIAL CAPABILITY STEERING GROUP LED BY THE FSA

The Investment Management Association today welcomed the announcement of the Financial Capability Steering Group by the FSA.

Richard Saunders, Chief Executive of the IMA, said:

“We warmly welcome this initiative from the FSA.  We look forward to the development of strategy involving partnership with industry and Government.

“The IMA is well placed to play a part in helping the FSA’s Steering Group make progress as a key member of the Personal Finance Education Group, and with our experience of publishing consumer literature such as our recent guide ‘Introducing Investment’ and hosting debates on financial capability during each of this year’s main political party conferences.”

Victoria Nye, IMA’s Director of Training and Education, said:

“We fully support the need for a co-ordinated strategy to improve consumers’ financial capability and believe this is likely to have a positive effect on the quality of the financial services market.  

“We will particularly look to help the steering group develop ways to evaluate the benefits of education as clearly as possible, for example, by measuring its impact on savings levels and retention rates, as well as consumers’ understanding of the need for financial planning. 

Copies of the IMA’s guide “Introducing Investment” can be obtained from the IMA website at www.investmentuk.org or by calling the Unit Trust Information Service on 020 8207 1361.

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