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TISA to head up DIFs regulation debate  

The Tax Incentivised Savings Association has called for the industry to come together to address the FSA’s concerns around distributor-influenced funds.

The FSA has recently expressed its concerns that firms using DIFs should ensure that the investments are in the best interests of each client. Within the RDR the regulator also stressed that the pricing of DIFs must be in line with all other competing funds.

TISA held an open meeting last week which concluded that issues around the perceived complexity, costs, transparency and suitability of DIFs need to be addressed if they are to become more widely used post-RDR.

As a result, TISA is to hold a further meeting involving all interested sectors of the industry to agree the next steps in the process to deliver an industry-wide solution.

It is anticipated that these talks will follow a similar model to TISA’s re-registration project for wraps and platforms.

TISA director of policy Malcolm Small says: “DIFs are now firmly in the regulatory spotlight but the industry has the opportunity to resolve the questions currently being asked and to provide solutions to the satisfaction of the regulator.

“If we are able to develop a DIFs solution accepted by all, then this should avoid the need for any prescriptive regulation.”

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