View more on these topics

IMA concerns over Prips implementation

The Investment Management Association has raised concerns that the European Commission’s ‘Packaged Retail Investment Products’ regime will be implemented through three different pieces of legislation.

IMA director of authorised funds and tax Julie Pattison says the IMA welcomes the Prips initiative but she has worries about its delivery.

She says: “The Commission must ensure that all competing investment products are subject to the same overarching set of disclosure rules across the European Union. Legislation must create a harmonised approach to selling practices for all Prips and align requirements to benefit consumers. If Prips is to deliver on its stated aim of making products transparent and comparable for consumers, the same disclosure and marketing rules must apply across the board.

In December 2010,  Aifa has warned that a European regulatory clampdown on packaged retail investment products will introduce unneeded complexity to the market. It says the European Commission’s Prips rules may be appropriate for other European states but they are not appropriate for UK IFAs who will be working under new RDR rules.

Recommended

1

Liontrust faces £415,000 FSCS levy hit

Liontrust says it faces a £415,000 hit to fund the FSCS interim levy to compensate for the likes of Keydata, Wills & Co and other failed investment firms. The bill is a 1975 per cent increase on the £20,000 interim levy the firm was given in the previous financial year and is part of the […]

1

CBI warns against breaking up banks

CBI director-general John Cridland says breaking up the banks will damage UK businesses. In its submission to the Independent Commission on Banking consultation, the businesses lobbying group says ensuring banks can finance a private sector recovery and support future growth should be the Government’s priority when reforming the system. Cridland (pictured) warns policymakers “acting in […]

FSA’s fine fund brings lower fees for IFAs

FSA costs are to rise by 10 per cent from £454.7m to £500.5m but the total fees paid by advisers will reduce due to money collected through fines. For 2011/12, the minimum fee paid by 43 per cent of the FSA’s authorised firms, including many IFAs, will fall by 9 per cent from £925 to […]

Schroders multi-manager head Andrew Yeadon departs in reshuffle

Schroders head of multi-manager Andrew Yeadon has left the firm after the group announced plans to merge the multi-manager and multi-asset teams. The combined multi-asset team will manage the multi-manager cautious managed, strategic balanced and high alpha funds under the management of Johanna Kyrklund. Yeadon joined Schroder’s in 2000 and has been the head of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment