IA comments on FCA remedies from the Asset Management Market Study

Monday 4th February 2019

Commenting on the FCA’s policy statement outlining the second set of remedies from the Asset Management Market Study, Chris Cummings, CEO of the IA, said:

“The IA supports the FCA’s aim to improve the clarity with which fund objectives, benchmarks and performance are communicated to savers and investors.

We are committed to increasing transparency and promoting clearer language across the asset management industry. Our customers should be able to easily compare fund information, so that they can choose investment products best suited to their needs.

We welcome the FCA’s acknowledgement of our forthcoming guidance in this area and look forward to working with the regulator and our members on implementation.”

-Ends-

Notes to Editors:

As part of the FCA’s Fund Objectives Working Group working group, it was agreed that the Investment Association (IA) would work with its members and consumer representatives, informed by consumer research, to promote the use of consistent terminology in communications from fund managers about their funds. The IA will publish its guidance on fund communication in February 2019.

PS19/4: Asset Management Market Study - feedback to CP18/9 and final rules and guidance
https://www.fca.org.uk/publications/policy-stateme...

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About the Investment Association (IA):

• The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 100,000 jobs across the UK.
• Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
• Our purpose is to ensure investment managers are in the best possible position to:
• o Build people’s resilience to financial adversity
• o Help people achieve their financial aspirations
• o Enable people to maintain a decent standard of living as they grow older
• o Contribute to economic growth through the efficient allocation of capital.
• The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
• The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe.