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Press Release

For immediate release: Thursday 27 August 2009

IMA COMMENTS ON LORD TURNER'S THREAT TO TAX CITY TRADING

Responding to Lord Turner's recent comments, Richard Saunders, Chief Executive of the Investment Management Association (IMA), said:

"Lord Turner has rightly identified the need for banks to manage risk better and to keep higher levels of capital when they engage in riskier activities.  We welcome the debate.  However, transaction taxes carry the risk that, like Stamp Duty, it's the ordinary saver who ends up paying.  As the debate goes forward, this needs to be kept in mind."

-ENDS-

About Investment Management Association
IMA is the trade body for the UK's £3 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
Ginny Broad, Head of Communications, IMA, 07834 089332 

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