IMA calls for the FCA to support a global competitiveness agenda and for urgent reform of the FSCS

14 April 2011

Responding to the Treasury's consultation paper, 'A new approach to financial regulation,' the Investment Management Association (IMA) calls for the FCA (Financial Conduct Authority) to support a global competitiveness agenda and for urgent reform of the FSCS (Financial Services Compensation Scheme).

Commenting, Richard Saunders, Chief Executive of the IMA, said:

“We support the proposal for the FCA to promote competition, but seek in addition an explicit objective to contribute to competitiveness of the UK economy.

“Competitiveness is an important factor, which must be taken into account by the FCA and new legislation. In the same way that the government has a global competiveness agenda so should the FCA.

On the reform of the FSCS, Richard Saunders said:

“The compensation scheme is in urgent need of reform. The current cross-subsidy arrangements are manifestly unfair and many other factors are unsatisfactory.

“Reform should not wait for the new legislation to be enacted, but the process should start as soon as possible.”

Please click here to read the IMA's full response to the consultation.

---

Press releases, papers and documents published on this page are the intellectual property of an organisation unrelated to ePolitix.com. We promote their parliamentary and political campaigning activities as they are subscribers to the ePolitix.com service.

As such, ePolitix.com does not edit, endorse, or attempt to balance the opinions expressed on this page. The content of press releases and other such types of content are the responsibility of the originating organisation.