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Press Release

For Immediate Release: Tuesday 25 May 2004 

ENHANCED DISCLOSURE - THE WAY FORWARD FOR UNBUNDLING

Speaking at today's Financial News conference, Richard Saunders, Chief Executive of the IMA, said of the future for unbundling and soft commissions:

"One direct output of what we are doing will be an enhanced disclosure regime. It will build on the existing code to ensure that pension fund clients fully understand how their money is being spent and what is being bought with it. We are just starting the process of testing with a number of fund management firms and we plan to start rolling the process out later this year. Already the trial process is throwing up some interesting and complex questions, and it is clear that we have work to do in order to deliver the result we are aiming for."

Full text of the speech is attached

-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

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