For immediate release: Friday 12th December 2008
IMA WELCOMES REPORT REVIEWING LONDON'S GLOBAL COMPETITIVENESS
Welcoming the report reviewing the competitiveness of London's financial centre, produced for the Mayor of London, Richard Saunders, Chief Executive of the Investment Management Association said,
"The report rightly highlights the need for improvements to the UK tax regime if London is to compete on a level playing field with centres like Dublin and Luxembourg which have succeeded in attracting funds away from the UK. The industry is already working with Government on a package of tax measures designed to enhance the competitiveness of UK authorised funds and make the UK a more attractive domicile for funds.
It is also clear that changes will be required to regulation, particularly in the light of the current financial crisis. Addressing the challenges of the current crisis will need to keep uppermost the objective of restoring investor confidence in the financial system and the markets, and consequent reform needs to be well targeted to that end.
We look forward to working with the newly established Financial Services Board in its work to promote London as a global financial centre."
A copy of the report can be found here.
About Investment Management Association (IMA)
IMA is the trade body for the UK's £3.4 trillion 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:
Mona Patel, Head of Communications, IMA, 07834 089332