IMA calls for FSA understanding of fund manager role

It follows the publication earlier today of FSA guidance aimed specifically at managers of Collective Investment Schemes (CIS). The IMA says many fund managers often have little or no say in the end sale, adding the regulator’s paper is a positive step towards understanding this. Julie Patterson, director of authorised funds and tax at the IMA, says: “The IMA fully supports the FSA's work on treating customers fairly. “But it is important for the guidance to reflect the reality for fund managers who, when sales are made through intermediaries, do not have direct control over the sale and...