For immediate release: Wednesday 08th July 2009
IMA RESPONDS TO FINANCIAL SERVICES WHITE PAPER
Responding to the Treasury's White Paper, Richard Saunders, Chief Executive of Investment Management Association (IMA), said:
"Most of the objectives set out are laudable, but there are still lots of details to be worked through, whether on the operation of the Financial Stability Council or capital buffers at banks.
The Government is right to ensure that FSA's powers can be used for any of their objectives including financial stability. Systemic issues cannot be addressed properly otherwise.
We also welcome the commitment for some pre-funding of the deposit protection scheme, though the FSCS should perhaps be given rule-making powers to meet its objectives.
Despite the temptation to try to solve everything domestically, the Government is right to acknowledge that some aspects have to be internationally coordinated.
We continue to press for market reforms to be designed to serve the interests of investors."
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:
Noreen Shah, Press Officer, IMA, 0207 831 0898
Mona Patel, Head of Communications, IMA, 07834 089332