The IMA has expressed concern structured products will face less scrutiny under the new regulatory system set up to replace the FSA.
Although it is generally supportive of the new structure, the IMA believes the focus is too heavily slanted towards the selling of products and not enough on their composition, particularly those issued by banks.
Julie Patterson, director, authorised funds & tax at the IMA says: "We welcome the recognition of the agency role of investment managers, which will be supervised by the Consumer Protection and Markets Authority (CPMA).
"Investment managers are different from banks and insurance companies. They are not principal risk-takers, were not a cause of the credit crisis and do not represent a systemic risk.
"However, the proposals do nothing to level the playing field between retail products. In fact, they risk exacerbating the current differences."
While authorised funds, investment companies and insurance products will be regulated, Patterson says "banking products will be subject to no real restrictions on the risks of the underlying investments."
The IMA has long been concerned about what it sees as the unequal regulatory treatment of structured plans compared to other retail financial products.
Last month, it responded to the Financial Services Consumer Panel's (FSCP) 10-point plan for financial services with the following:
"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."
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till