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AIFA calls for greater transparency on guidance

AIFA has called upon the FSA to give greater transparency to IFA firms on the use of guidance in place of rules based regulation.

The trade body has also called on the regulator not to widen MiFID beyond its present boundaries without looking in detail at possible market implications.

AIFA director general Chris Cummings says the group support the move to principles-based regulation but greater communication between the FSA and IFA firms is needed to help the drive toward simplicity.

“Firms that have enjoyed the certainty of rules in the past, and who now find those rules expressed as guidance, will also need a period of transition.

“The FSA will be aware that one result of the move towards more principled based regulation is the greater use of compliance consultancies. At present these vary considerably in quality and more should be done to drive up standards.

“We also feel that to try and introduce these proposals in October this year is unrealistic and does not allow firms sufficient time. Given the current market turmoil we feel that a much longer transition period is needed and would recommend October 2009 at the earliest.”


Keep your distance

Maybe it’s just me but a lot seems to have happened in the financial world since my last IFA View in January and not much of it is the sort of stuff that puts a smile on your face.

New Star ties with Emirates NDB Group for property launch

New Star and Emirates NDB Group have announced the launch of the Emirates Islamic global property fund.The fund will be managed by Enterprise Investment Services, the asset management arm of the Emirates NDB Group, and will be regulated by the Dubai Financial Services Authority.The Shari’a compliant fund will focus on Continental European and Asian direct […]

Carne Global strengthens technology team

Fund management adviser Carne Global has created two new divisions to be headed up by new appointees, Phil Kitto and Sunil Chadda.Chadda and Kitto have both joined from Citisoft, a London-based financial systems consultancy. They will head up the new alternative investment and wealth management technology and operational consultancy divisions.Chadda will act as head of […]


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