For immediate release: Thursday 25 May 2006

IMA CHAIRMAN – THE CITY’S ROLE IN SOLVING THE PENSIONS CRISIS

Speaking at IMA’s AGM dinner last night, the Association’s Chairman, Simon Davies said:

“The recognition of the importance of the City of London in this year’s Budget was welcomed by the asset management industry. In order to ensure business remains in the UK, however, it is vital that our tax and regulatory regimes remain competitive.

IMA will continue to strive to ensure that we help to create and maintain an effective and fair regulatory environment in which our members can do business, and in doing so, promote asset management as a valuable contributor to the UK economy.”

Mr Davies went on to say:

“As we eagerly await the publication of the Government’s White Paper on Pensions, we see a clear role for the City in helping to resolve the UK pensions crisis. I believe that the pensions arena is one where consumers stand to benefit from fund managers’ skills and part of our work this year concentrated on ensuring that the post A-Day regulatory environment is one in which fund managers can put their products in front of consumers.”

Looking to the future Mr. Davies discussed the challenges which lay ahead for the industry indicating that the Markets in Financial Services Directive (MiFID) and the FSA’s Treating Customers Fairly initiatives would feature highly on IMA’s agenda for the coming year. Mr Davies concluded:

“The agenda is very wide. But IMA will play a full part in tackling these issues with the aim, not only of ensuring that the industry’s needs are catered for, but also that we build a savings environment for the 21st century which addresses the needs of consumers and ensures that they will be able to invest with confidence.”

-Ends-

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

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