TISA is undertaking an independent review into distributor-influenced funds (DIFs) as it looks to deliver an industry-wide solution to ongoing concerns around their suitability and charges.
A TISA executive committee involving all relevant industry sectors has been established to investigate use of the funds and identify regulatory best practice. The action follows publication last week of the FSA's Retail Conduct Risk Outlook 2011, which highlighted the growing numbers of DIFs as a potential area of concern. According to the paper, there are at least 40 firms offering distributor funds with around £2bn of assets under management and 10,000 customers investing in the assets. TISA director of policy Malcolm Small (pictured) says the FSA report is helpful insofar as it...
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