The fund management industry has blasted the Treasury for consistently failing to give a date for drafting new legislation covering regulation of units trusts, Isas and Oeics.
The Treasury civil servant who heads the bill team, David Roe, dashed the industry's hopes for new rules when he told the Parliamentary scrutiny committee overseeing the Financial Services and Markets Bill that he did not know when the legislation would be drafted.
The legislation is supposed to be part of the bill but was omitted when it was published in August.
Despite persistent calls from the industry for action and repeated questions, the Treasury still maintains it has no idea when the details of the legislation will be published or what form they will take.
Fund managers are concerned the committee will not be able to do its job properly because such a major piece of the legislation is missing.
Roe, responding to questioning from the committee, said: “There is nothing specific” available on the legislation.
Autif director of legal and fiscal affairs Sheila Nicoll says: “We are disappointed, we do think it is important and we cannot look at the bill as a whole unless we know which bits apply to collective investments.”
Fidelity managing director Marc Sylvain told the scrutinising committee that it was not looking at the complete bill and he feared there would be little time to comment on it once details are published.