Press Release
Friday 28 May 2010
IMA CONTINUES TO SUPPORT OVERALL AIMS OF THE RDR REVIEW
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More clarity is needed to achieve a better deal for consumers and time needs to be taken to get the detail right.
The Investment Management Association (IMA) continues to support the overall aims of the Retail Distribution Review and the FSA's aspiration towards improving the quality of advice for consumers.
The Financial Service Authority's Discussion Paper on "Delivering the Retail Distribution Review and other Issues" raises a number of issues for the asset management industry, particularly in the area of rebates and payments to platform providers.
Responding to the FSA's Discussion Paper, Richard Saunders, Chief Executive of the IMA comments:
"The IMA continues to support the RDR's objectives of greater transparency and a better deal for consumers, but it is clear that issues remain which need to be resolved. In particular, it is not clear how some of the rules will operate in practice, or that they will provide an entirely level playing field between different types of product and different types of firm. These will not be clear until final rules for platforms are issued. The issues at stake are difficult and complex, and we urge the FSA to take their time to get the final rules right".
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For further information, please contact:
Michele Lunt, Press Officer, IMA, 020 7831 0898
Ginny Broad, Head of Communications, IMA, 020 7831 0898 or 07834 089332
To read the IMA's response to the FSA please click here.
About the Investment Management Association
The 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.