It’s now nearly four years because the Investment Association dispensed with the services of its Chief Executive Daniel Godfrey. But his ghost still haunts the united kingdom account industry trade body like Banquo at Macbeth’s banquet. Godfrey, you’ll recall, suggested a voluntary code of carry out, which included a commitment to act in clients’ needs. That was beyond the pale for some of the IA’s more important members,. If they threatened to give up in protest, your choice was taken up to replace Godfrey with less of a reformer. Year The following, the working job was given to Chris Cummings, mind the lobby group TheCityUK.
Cummings, who according to the FT has an annual pay package somewhere north of £625,000, has so far charted a careful course. He has were able to keep members onside on the hand, while doing sufficient on the other to fulfill the regulators that he is at least wanting to encourage the sorts of reforms the industry needs.
The Association has just published its 2025 Vision report, which pieces out its “vision for future years success of the investment management industry, in the UK and internationally”. I must say, it’s hard for consumer advocates likes myself to argue with any of those stated goals. But there are more important questions to be asking far. Why, for example, why have we seen so little progress made towards any of these goals before now?
Is the IA leadership really serious about providing more value for consumers? If it’s, how much influence will it realistically have on member companies who would much prefer to maintain the position quo? We’ve, after all, seen several such reviews emanate from the industry over the full years, and yet, for all your talk, there’s been valuable little action.
- Commercial Credit :-
- A Feasibility rating of 10 means everybody can do it
- Shri N. Rangachary, previous Chairman CBDT & IRDA – Chairman
- Austerity in the short-term; and
- Investment Management News
On an optimistic note, I be prepared to see improvement on making the industry more diverse. It’s so horribly white, male and middle class at the moment that it’s hard to assume it becoming even less representative of individuals it serves. But I am less positive about the fund industry voluntarily becoming more consumer-friendly.
The reason, simply, is a fundamental misalignment of passions: what’s good for the industry is generally bad for the buyer, and vice versa. Take the proposal for a fresh Long-Term Asset Fund, for instance. This new open-ended fund structure could have the capability to spend money on less illiquid or water property, and would apparently “incorporate high specifications of customer protection”.