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Press Release

IMA welcomes review of FSCS funding model

3 October 2011

The IMA welcomes today's announcement that the FSA will restart the FSCS Funding Model Review and looks forward to engaging with the FSA in its consultation in the first half of 2012.

Commenting, Guy Sears, Director of Wholesale at the IMA, said:

“The IMA has long called for the urgent reform of the Financial Services Compensation Scheme so we welcome a review of its funding model. We are also delighted to learn that Sheila Nicoll will lead the review.

“We have already submitted detailed ideas to the FSA and look forward to engaging further as part of the formal consultation.

“In particular the current cross-subsidy model, which has led to a bill of more than £230 million hitting the UK investment management industry, is a major concern for our membership. These arrangements are manifestly unfair and many other factors are unsatisfactory.”



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Investment Management Association

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