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Trust firm in warning on FSA exec plans

The FSA&#39s proposals to update the corporate governance of investment trusts in the wake of the split-cap debacle will not have the desired effect, warns Trust Associates.

The company says the proposals set out in CP164 on listing and conduct of business rules are well intentioned but will be counterproductive as many established practices which have protected shareholders will be banished.

Trust Associates believes the proposal to eliminate all investments in funds which invest in other funds to avoid possible collusion is excessive. It says it would stop trusts benefiting from the specialist skills of other fund managers and would act as a brake on asset diversification.

Trust Associates says that although it broadly welcomes the FSA&#39s efforts to safeguard the interests of shareholders, it is concerned about the precise wording of the regulation.

Director Mike Connors says: “I see no objection in principle to the operations of investment trusts coming under closer regulatory control. We have some concerns about the detailed wording of the proposed regulations. We also have concerns about the basic understanding and definition of some of the issues which underlie the consultation paper.

“We would be worried if these proposals were to be introduced without significant modification and we have expressed concerns in a written response to the FSA.”


Who&#39s to blame?

Those of you who have run the gauntlet of renewing professional indemnity cover will be only too aware that the environment in which IFAs operate has changed dramatically.A report published in December 2002 by the Actuaries working party found that the UK pays out far more in compensation claims than other European countries, running up […]

Edinburgh offers classic Pep solution

Edinburgh Fund Managers has established the Classic Pep transfer that provides investors with access to four Edinburgh funds. This product follows in the footsteps of the Classic maxi Isa and allows investors to choose Edinburgh performance portfolio, Edinburgh fund of funds portfolio, Edinburgh managed growth portfolio or Edinburgh monthly income portfolio funds. Edinburgh performance portfolio […]

Smee in call for test runs of FSA&#39s key facts regime

The FSA should test its proposed disclosure document in a series of pilot schemes to ensure that consumers will take to it before forcing the industry to embark on the costly exercise of implementing it, says Aifa director general Paul Smee.Speaking at Money Mark-eting&#39s Top 100 Summit in Croydon last week, Smee said he did […]

Pru survey shows average pensioner&#39s income is £13.7k

Britain&#39s 10 million pensioners have a total annual income of £142.88bn, averaging £13,765, according to new research from Prudential.But only 3 per cent have £40,000 a year or more and one in three pensioners survive on annual income of £10,000 or less in the survey of 1,200 retired people carried out last December.Retired people in […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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