The Investment Management Association (IMA) has issued a statement on the FSA’s publication of new rules for product providers and advisers and its further consultation on platforms.
Julie Patterson, Director of Authorised Funds & Tax at the IMA, commented:
"This confirmation of the FSA's approach from 2012 is helpful, but we still need clarification about how it will work in practice. In particular, we need to understand better how the FSA envisages the adviser charging regime working in practice for the fund management industry. We look forward to engaging with the FSA very soon on its further consultation on this issue planned for the summer.
Once the future regulation of platforms is decided, it is essential that the FSA reviews the rules and guidance for product providers and advisers issued today. The various requirements need to make a coherent whole, need to be workable in practice and need to deliver real benefits to consumers, not just increased costs.”
View IMA welcomes further consultation on the RDR, 26 March 2010