IMA “ALREADY RISING TO FSA CHALLENGE”

Responding to the speech today by John Tiner, Chief Executive of the FSA, Richard Saunders, Chief Executive of the IMA said:

“The FSA has set us a challenge to improve transparency in the way in which goods and services are paid for with trading commissions.  It is one to which we have already begun to rise.

“The FSA’s willingness to go with the grain of market developments and allow the industry to develop a solution is good news. The IMA has several streams of work already under way.

• We have presented a ‘comparative disclosure’ model which provides alternatives which deliver more meaningful information and improved choice for clients;

• We have been working with the National Association of Pension Funds for several months on enhancing our Pension Fund Disclosure Code to include this model, especially with regard to the payment for research out of commission;

• We have recognised that there is a need to look at roles and responsibilities with regard to the oversight of retail funds, especially given the evolving nature of the industry, and have set up a working party to review mechanisms for oversight.”

 -Ends-

For further information, please contact;

Richard Saunders, Chief Executive, IMA, 020 7831 0898

Helen Stephenson, Communications Officer, IMA, 020 7831 0898

Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332

Notes to Editors

1. The Investment Management Association (IMA) is the trade body for the UK investment management industry. It was formed in February 2002 as a result of a merger between the Fund Managers’ Association (FMA) and the Association of Unit Trusts and Investment Funds (AUTIF). IMA’s members provide investment management services to institutions (for example, life assurance companies, pension funds, and individual companies) and to private investors, through individual fund management agreements and pooled products such as authorised investment funds. Between them, IMA’s members manage over £2,000 billion worth of assets. More information can be found on www.investmentuk.org
   
    

2.  A Comparative Disclosure briefing is attached

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.