IMA and fund managers lobby against Fof rules

The FSA, Inland Revenue and Treasury are being lobbied by both the IMA and a separate group of produ...

The FSA, Inland Revenue and Treasury are being lobbied by both the IMA and a separate group of product providers to preserve the Isa status of the UK retail funds of funds (Fof) industry. Under Inland Revenue rules that came out in mid November, Fofs launched before 13 February 2002 will lose their Isa and Pep status if they are invested in Ucits III vehicles from February 2004. Among those portfolios with Ucits III status are the likes of Neil Woodford's Invesco Perpetual funds and Roger Guy of Gartmore's European Select Opportunities. Last week, the IMA met with the FSA and the Inland R...