IMA TO PRESS AHEAD WITH DISCLOSURE

The IMA today welcomed the FSA’s decision to allow the industry to develop market-based approaches to the issues raised in CP176.  It will take work forward on three fronts.

• It will now begin trials of an enhanced Pension Fund Disclosure Code to bring about greater transparency as to the execution and other components of commission payments. 

• It will consider with the broking community how best to facilitate other market developments in this area

• It has set up a working party on the governance of retail funds, led by IMA Chairman Lindsay Tomlinson. The group, which started its work in January this year, is looking at all aspects of the Governance of CIS funds, including the issue of disclosure on behalf of retail investors.

The IMA fully intends to have made significant progress with this work in time for the FSA review at the end of 2004.

Richard Saunders, Chief Executive of the IMA commented:

“We have a full work programme with these initiatives, but are delighted that the FSA have given us the opportunity to demonstrate what can be achieved through market-led solutions.”

-Ends-

For further information, please contact:

Richard Saunders, Chief Executive, IMA, +44 (0)20 7831 0898

Helen Stephenson, Communications Officer, IMA, +44 (0)20 7831 0898

Out of hours contact:

Mona Patel, Head of Communications, IMA, +44 (0)7834 089332

Notes to Editors:

1. The Pension Fund Disclosure Code was first implemented in May 2002. A copy is attached.

2. A comparative disclosure briefing note is attached

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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.