The ABI is tendering for a beauty parade of monitoring companies to monitor and handle its growing list of investment classifications for life and pension funds.
Over recent years, the number of classifications has grown and had to be revised given the varying categories of investment funds, fund providers, and asset allocation levels now available in the market.
Lipper, the current independent monitoring service, has been invited to tender again for the contract, says a spokesman for the Association of British Insurers, as this is merely part of a continual process to manage classifications.
However, both advisers and consumers rely on these classifications to allow like for like comparisons when making fund choices.Tenders are invited until 24th September 2004. IFAonline
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