Press Release
IMA WELCOMES FSA GUIDANCE ON TCF
11 January 2008
Responding to the Financial Services Authority's (FSA) new publication - "Good Practice Illustrations", the Investment Management Association (IMA) has welcomed the guidance which is aimed specifically at Collective Investment Scheme (CIS) Managers.
Commenting, Julie Patterson, Director of Authorised Funds and Tax at IMA said:
"The IMA fully supports the FSA's work on treating customers fairly. But it is important for the guidance to reflect the reality for fund managers who, when sales are made through intermediaries, do not have direct control over the sale and will not in many cases know the identity and circumstances of end customers.
We have worked closely with the regulator on these issues and believe that the new publication represents a significant step forward in developing a common understanding between the FSA and the industry on what is meant by ‘target market' and ‘management information' in the context of authorised funds"
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