The Investment Funds Association has merged with the Tax Incentivised Savings Association (TISA) in a move aimed at boosting TISA's distributor influenced funds (DIFs) initiative.
Its decision to cease functioning as an independent organisation follows the Investment Funds Association's involvement in TISA efforts to bring together interested parties in order to design RDR-compliant DIFs.
"The Investment Funds Association has already provided valuable input into our project and we thank them for that," said TISA director general Tony Vine-Lott. "We also support their decision that the best way to meet their objectives over the longer term is by working within TISA, rather than as an independent organisation."
Last November, TISA published an independent report setting out industry best practices for DIFs in an effort to achieve good consumer outcomes.
The Financial Services Authority (FSA) has previously flagged up concerns over the potential for conflicts of interest and bias in the operation of DIFs.
The watchdog has also started to visit adviser firms as part of a programme looking into use of DIFs, model portfolios and discretionary fund managers.
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