Wednesday 18 July 2012
IMA RESPONDS TO RSA REPORT “SEEING THROUGH BRITISH PENSIONS”
Richard Saunders, Chief Executive of the Investment Management Association, said:
“This report mixes up some fair points with sensationalist headline-seeking. In particular it does itself no favours by quoting discredited research which exaggerates the cost of managing pension investments many times over.
“But nobody disputes that charges and costs are important and need to be disclosed in an accessible and meaningful way. For retail funds there is already a gold standard of charges disclosure, mandated under EU rules put together after extensive consultation and consumer research. We need that standard rolled out across the whole pensions and long-term savings market. The IMA also believes transaction costs can and should be better disclosed, and has made a proposal to its members to achieve this*.
“The RSA chose not to consult the IMA in preparing this report. That is a pity but we stand ready to co-operate with it or any other body wishing to examine this area. We will resolve these issues only by working together, not by periodically lobbing hand grenades into the public debate, which simply fuel the mistrust of pension saving that the report’s authors say they want to address.”
*Read about the IMA’s charges guidance consultation here.
For further information please contact:
Mona Patel, Head of Communications
020 7831 0898 or 07834 089332
Christina Bridge, Press Assistant
020 7831 0898
About the Investment Management Association:
- The IMA is the trade body for the UK's £3.9 trillion asset management industry (retail and institutional) which is one of the world's leading investment management centres.
- Our role is to represent the interests of the asset management industry to government and regulators both in the UK and internationally.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.