View more on these topics

IMA calling for fund harmony across Europe

The Personal Finance Society is planning to run specialist programmes for personal and corporate financial advisers.

The body, to be formed by the merger of the LIA and Sofa, says it
will consult members on its structure, including separate faculties
for advisers in the personal and corporate markets.

Some planners had criticised the name Personal Finance Society
because it does not appear to cover corporate advisers.

The merger of the LIA and Sofa is nearing completion, with the
combined 25,000 membership due to become members of the PFS
automatically on January 1, 2005,when the new brand and logo will be

LIA and Sofa regional meetings will continue to be run until March,
when the PFS will begin its own programme of events, with input from
the regional committees.

Consultation on the new structure and membership of the society has
begun and feedback will be announced to members.

Executive chairman Bob Bullivant says: “We recognise that financial
planners and business advisers have specific issues to develop and
discuss. One of the benefits of the PFS structure is that we can give
them the levels of focus that they need.”

Chief executive Mark Ommanney says: “The regional activities are
among the most important that we offer some members, so it is
important that we take sufficient time to ensure that we make them as
attractive and as relevant as possible to our new combined

Differences in fund regimes are continuing to hamper the creation of
a more efficient European funds market despite progress in
legislation to ease cross-border company mergers, says the IMA.

It is lobbying for a specific set of European fund rules to help with
merger of Ucits.

Agreement has been reached among member states on the proposed
directive to simplify cross-border mergers. The 2003 Heinemann report
identified barriers to cross-border fund mergers as the biggest
impediment to creating a more globally competitive European fund

IMA deputy chief executive Sheila Nicoll says the report revealed
that the US has around double the assets under management of the
European market but only one-third of the number of funds.

Nicoll says: “The inability to merge funds means there are a huge
number of small funds in existence, often with overlapping
objectives. This prevents European funds and investors from
benefiting from economies of scale.

“The IMA will continue to be at the forefront of the push towards a more efficient
single European market in asset management.”


Investment view

The is a dangerous degree of consensus among investment houses over expectations for 2005.

FSA warns 4,500 firms have not applied for general insurance regulation

FSA today named the ‘hotspot’ sectors of firms selling insurance who have yet to apply for authorisation and warned them to do it now or risk losing business before regulation comes into force on January 14.Whilst over 14,000 insurance firms have registered with the FSA to apply for authorisation, with less than five weeks before […]

Depolar bears

It has been two years since the FSA doomed polarisation and now the industry finally knows just what what the future holds.

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.


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