IMA brands ABI sector changes 'opaque'

The IMA has criticised the Association of British Insurers' (ABI) proposed changes to its Managed sectors, arguing the suggested names are "opaque" and inconsistent with RDR and TCF principles.

The ABI published a consultation paper that says the Mixed Asset Sectors, presently known as Defensive Managed, Cautious Managed, Balanced Managed and Flexible Managed, would all be unified under the Mixed Investment Shares tag, but with numerical references to the range of equities the funds can hold. Defensive would become Mixed Investment 0-25% Shares, through to Flexible, which would be Mixed Investment 0-100% Share. In its response letter, the IMA’s head of sectors Nicola Kembey says although there is traditionally a strong convergence between the IMA and ABI sectors, the associa...