FSA: Groups could save £300m on e-transfers of units

The FSA's new rules allowing electronic unit transfers from unit trusts and Oeics could save fund man...

The FSA's new rules allowing electronic unit transfers from unit trusts and Oeics could save fund managers nearly £300m a year. The regulator green lighted IMA security guidance today on Monday's announcement investors can conduct the transfers through asset managers' websites, where before it would have to be done on paper. According to a statement from the City regulator: "The Government estimates that these provisions could bring annual administrative savings for UK fund managers of between £70m and £290m." FSA of retail policy & conduct risk director Dan Waters adds: "We are happy t...