View more on these topics

IMA blasts European politicians over alternatives regulation

IMA chairman Robert Jenkins has hit out at the European Union’s proposals for the regulation of the alternatives industry.

Speaking at a seminar in London, Jenkins said he was frustrated with the approach politicians have taken when drawing up new regulations.

He said: “It is curious that the response of some European politicians to the banking crisis is to regulate the investment management industry. Clearly some political leaders would prefer to focus attention on those who did not cause the problem rather than attend to those who did.”

Jenkins said politicians are perhaps confusing investment management with investment banking.

He added: “When the banks ran out of liquidity, our customers for whom we act as agents, helped supply it. When the banks ran out of capital, the funds we manage contributed to the take up of new debt and equity issues.

“And when one day, governments divest their shares in the walking wounded of the banking world, to whom do you suppose they will sell? In short, the investment management industry is not part of the problem but we are part of the solution.”

Jenkins singled out German finance minister Peer Steinbrűck for criticism for his role in drawing up the proposals.

Jenkins said: “It would appear that, like many Brits, Mr Steinbrűck has forgotten that his country is part of Europe. He is no doubt painfully conscious that German industry must remain globally competitive but he seems to forget that Europe’s financial industry must compete globally as well.”

“Alas, Mr Steinbrűck and a number of continental comrades seem determined to shoot a key part of the money management industry in the back and themselves in the foot.”


Miles says banks are on life support

David Miles, the newest member of the Bank of England’s monetary policy committee, says economic growth will be “fairly anaemic” in the near future and that UK banks are currently on life support.


125% mania

Nationwide revealed it is offering existing clients the chance to port negative equity onto a new property’s mortgage this week, in affect offering a 125 per cent mortgage.

A case in point

The headlines relating to this year’s Budget were understandably grabbed by the 50 per cent tax rate (from November 2010) and the removal, from April 6, 2011, of higher-rate tax relief on pension contributions for those with taxable income of £150,000 or more. But there were also some important changes for businesses – the three-year trading loss carryback rules and the holding of the small companies’ rate at 21 per cent, for example.

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm