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For immediate release: Friday 11 January 2008 IMA WELCOMES FSA GUIDANCE ON TCF Responding to the Financial Services Authority's (FSA) new publication - "Good Practice Illustrations", the Investment Management Association (IMA) has welcomed the guidance which is aimed specifically at Collective Investment Scheme (CIS) Managers. Commenting, Julie Patterson, Director of Authorised Funds and Tax at IMA said: "The IMA fully supports the FSA's work on treating customers fairly. But it is important for the guidance to reflect the reality for fund managers who, when sales are made through intermediaries, do not have direct control over the sale and will not in many cases know the identity and circumstances of end customers. We have worked closely with the regulator on these issues and believe that the new publication represents a significant step forward in developing a common understanding between the FSA and the industry on what is meant by ‘target market' and ‘management information' in the context of authorised funds" -ENDS- About Investment Management Association (IMA) The IMA is the trade body for the UK's £3,100 billion asset management industry. The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs. Its role is to represent the industry and promote high standards For further information, please contact: |
