IMA has responded to FSA’s consultation on changes to the Remuneration Code. It says FSA has not properly reflected current practices of investment managers and the nature of the industry. It has been reassured by communications from FSA and CEBS since the paper was published but says FSA must continue talking to the industry. It also notes it has produced its own guidance for its members, which has considered the requirements of CRD3 and concluded most of the principles need not apply to asset management firms. Finally, it says FSA should have more realistic expectations on how long firms will need to comply with all the new rules.