The Investment Management Association (IMA) has welcomed proposals set out in the Government’s financial services white paper.
<!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:612.0pt 792.0pt; margin:72.0pt 90.0pt 72.0pt 90.0pt; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> IMA chief executive Richard Saunders says most of the objectives are laudable but there are still many details which need to be worked through.
“The Government is right to ensure that FSA’s powers can be used for any of their objectives including financial stability. Systemic issues cannot be addressed properly otherwise,” says Saunders.
“We also welcome the commitment for some pre-funding of the deposit protection scheme, though the FSCS should perhaps be given rule-making powers to meet its objectives.”
Saunders adds the Government are right not to attempt to solve everything and to acknowledge some aspects have to be internationally coordinated.
