View more on these topics

Investment Association disbands regulatory unit as SJP exits

Portfolio-Bonds-Investment-Business-700x450.jpg

The Investment Association has disbanded its regulatory affairs unit in an attempt to cut costs after three of its biggest members announced their intention to quit the trade body this year.

The head of the regulatory affairs unit at the trade body, Richard Metcalfe, as well as a member of his team have been pushed out as a result of the unit’s disbandment, the Investment Association confirms.

An Investment Association spokeswoman says: “Richard joined as director of regulatory affairs in September 2013 and has been instrumental in making our voice heard in all aspects of the EU legislative process in Brussels and the rest of the EU.

“He focused initially on the ‘institutional’ side but subsequently covered all aspects of the industry, including retail and systemic issues, both within the EU and beyond.

“The Investment Association would like to thank Richard for his contribution and input.”

Schroders, M&G and St James’s Place, which hold a combined £611bn in assets under management, have decided to terminate their memberships with the Investment Association following their criticism of the agenda of former boss Daniel Godfrey, who left the organisation in October.

An SJP spokesman says: “Our business has grown in scale and complexity over the last few years and having reviewed our membership of a number of industry trade bodies, including the Investment Association, we have concluded that none fully meet the needs of our business and therefore are not providing value for money.

“Of course we will continue to play an active role on industry issues and will review our position regarding membership of the various professional bodies as appropriate.”

The Investment Association is currently run on an interim basis by director for risk, compliance and legal affairs Guy Sears. The trade body is still looking “globally” for Godfrey’s replacement.

Recommended

FCA logo new 3 620x430

FCA’s compliance guarantees in doubt after lack of action

Regulatory experts have questioned the effectiveness of compliance guarantees used by the FCA after a Freedom of Information request revealed not one has resulted in enforcement action in the past two years. An FoI submitted by Money Marketing has found that no investigations have been opened in the past two years as a result of […]

1

Tony Wickenden: Getting to grips with the residence nil-rate band

Over the past couple of weeks I have been comparing pension-related headlines with the reality of the legislation supporting them and discovering some pretty big differences. Another misleading headline is the one that claims no couple with a combined estate of less than £1m should have to pay inheritance tax. There is detail to consider. What […]

1

Turning the corner: Can the industry build on rising adviser numbers?

Advisers are calling on policymakers to do more to increase adviser numbers following the first meaningful rise since the RDR. Last month the FCA announced the number of advisers at advice firms had increased by 5 per cent from 21,496 a year ago to 22,557. Experts say while the figures are promising, further steps to […]

International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Let it sink I say.
    Now the ‘inconvenient’ Godfrey is out of the way, they are again just apologists for the excesses of investment managers

Leave a comment