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IMA challenges levy

The IMA is challenging the proposed 27m levy set to fall on the asset management industry because of split-cap claims.
The IMA says the current estimate involves a series of assumptions that cannot be relied on. It says the FSCS should only impose levies if it has reasonable grounds to believe it needs to raise additional funds.
The IMA suggests a more flexible approach by the FSCS in the absence of evidence of an immediate need for funds.
IMA chief executive Richard Saunders says: “We do not think it is necessary for the FSCS to be raising this levy at this stage.
It would make more sense for the FSCS to use the powers it has proportionately and to await real evidence of eligible claims before deciding whether it needs to raise additional funds from our members.”


Davis’s discounts

Invesco Perpetual has cut up front charges for all new Isa investments and Pep and Isa transfers from 5 per cent to 3 per cent. It is also offering a 1.75 per cent discount from 5 per cent to 3.25 per cent for new lumpsum investments and monthly savings plans made outside an Isa into five of its funds.

Allocation scouts

Skandia’s decision to launch a range of asset allocation funds has drawn mixed reactions from the industry.

Neptune Global Income: Is Japan the best dividend market in the world?

By George Boyd-Bowman, Fund Manager at Neptune The Neptune Global Income Fund seeks exposure to the very best – and often overlooked – income opportunities from across the world. Unconstrained by benchmarks, the fund currently has 24 per cent invested in Japan, differentiating the high conviction portfolio from many of its peers. Watch Neptune Fund […]


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