IMA response to FCA dealing commission statement
In response to the FCA’s policy statement on forthcoming changes to dealing commission rules, Guy Sears, Director of Risk, Compliance and Legal at the Investment Management Association (IMA), said:
“The FCA statement incorporates several of the clarifications the IMA sought on behalf of asset managers. For example, we felt the previous guidance on valuation and disclosure did not address sufficiently the fact that most research and corporate access is provided on a bundled unpriced basis – but now it does.
“However, whilst the FCA has provided more comment about international aspects than before, the impacts on those managers with international operations still remain a challenge – especially with the new rules taking effect in only 16 working days.
“In the meanwhile, we continue our work on revising the IMA disclosure codes and providing assistance to our members on conflict management, budgeting and oversight.”
In February this year, the IMA published its own recommendations on the use of dealing commission for the purchase of investment research.
