IMA welcomes the Consumer Panel's 'ten point' plan

16 June 2010

The Investment Management Association welcomes the publication of the Financial Services Consumer Panel' Ten Point plan for financial services.

Richard Saunders, chief executive, IMA comments:

"We welcome the Consumer Panel's Ten Point plan, in particular the emphasis on achieving fair outcomes for consumers. All the points deserve consideration and many reflect long-standing aims of the IMA for regulation.

The IMA stands behind their approach.

"In particular we support the call for transparent product design and good communication which enables customers to compare products. We have long been concerned about complex structured products with hidden risks and unnamed counterparties.

"The IMA believes there is a pressing need for greater simplicity and clarity around long term savings and pensions. Tax incentives need to be simplified and equal protection afforded to savers whether they hold funds in a SIPP, a personal pension or a life product."