For immediate release: Friday 22 July 2005  

FSA ENDORSES IMA DISCLOSURE CODE

Welcoming the publication of ‘PS05/9 – Bundled brokerage and soft commission arrangements, in which the FSA endorses IMA’s market solution for enhanced and comparative disclosure, Richard Saunders, Chief Executive of the IMA commented:

“IMA is pleased that the final version of the softing and unbundling rules are as proposed in CP05/5 and we welcome the principle-based approach adopted by the FSA.  The rules will give firms the flexibility to agree with clients what they pay for out of their commission and will ensure that managers justify to clients that what they are paying for is either execution or research.”  

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For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

Out of hours contact:

Despina Constantinides, Partner, Polhill Communications, 07801 337 677