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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.”

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