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IMA tells fund firms they can ‘neutralise’ regulator’s pay code

The Investment Management Association has briefed senior fund management staff on how to avoid the FSA’s pay clampdown.

An IMA circular, seen by Money Marketing, says investment managers will be able to “neutralise” the most severe pay rules in the FSA’s remuneration code, which comes into effect on January 1, 2011.

In the circular, IMA prudential regulation adviser Nathan Douglas says an exemption was confirmed in the Committee of European Banking Supervisors’ final remuneration guidelines which were published last week.

He says: “These guidelines have confirmed the ability for investment managers not to have to comply with the requirements relating to variable remuneration in instruments, retention and deferral of payments, the need for a remuneration committee and the requirement to set an appropriate ratio between fixed and variable remuneration.”

The CEBS guidelines confirmed that the EU expects to see national regulators employ a “proportionality principle” so some firms can exempt themselves.

The guidelines say: “In particular, it may not be proportionate for investment firms…to comply with all of the principles.”

The IMA adds that any firms that do want to neutralise the clampdown will have to provide a rationale to the FSA.


Nationwide for Intermediaries to stop guarantor deals

Nationwide for Intermediaries will stop distributing guarantor mortgages through brokers from tomorrow. Customers will still be able to access the deals direct from Nationwide but brokers will only have access to guarantor mortgages through the lender’s subsidiary, The Mortgage Works. A Nationwide spokesman says the decision was made because of the low volume of guarantor […]

HSBC switches focus to Open Funds

HSBC Global Asset Management has closed two multi-manager funds to new investment on FundsNetwork as it focuses on growing its globally focused Open Funds range. The firm has limited access to Jon Rebak’s £157m growth fund of funds and £250m income fund of funds as client demand for the UK-focused products has fallen. Managing director […]


FSA bans and fines MD £750,000 for mismarking

The FSA has banned and fined a former managing director at Toronto Dominion Bank £750,000 for deliberately mismarking his trading positions and concealing his losses for two years. Between July 2007 and June 2008 Nabeel Naqui headed the credit products group Europe and Asia Pacific desk, responsible for other traders and for trading credit default […]

Trusts and Taxations

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