TISA to assume responsibility for the Investment Funds Association
The Investment Funds Association has merged its activities into TISA to provide a further boost to TISA’s distributor funds initiative.
Representing firms that are engaged in the distributor funds market, the Investment Funds Association participated in TISA’s work to bring interested parties together to determine the steps necessary to design distributor funds solutions which are deemed RDR compliant.
This resulted in TISA publishing an independent report last November – written by Eversheds – that set out the industry best practices necessary to achieve good consumer outcomes within the current and post RDR regulatory structure.
The Financial Services Authority had already signalled their concerns in relation to the potential for conflicts of interest and bias in the operation of distributor funds. The regulator had also commenced a programme of IFA firm visits to look into the use by advisory firms of distributor funds, model portfolios and discretionary fund managers.
Tony Vine-Lott, TISA director general said:
“The Investment Funds Association has already provided valuable input into our project and we thank them for that. 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.
“Our next steps will be to continue to interact closely with the FSA to further clarify any outstanding gaps and concerns they may have regarding the ongoing distribution and structure of these and related products.”
This work will be led by a new TISA Advisory Council which is to consider the strategic implications of distributor funds and other similar investment solutions. The Council will be chaired by Richard Freeman the chief executive officer of Intrinsic.
Anthony Harding, deputy chairman of the Investment Funds Association commented:
“We share a common vision of a distributor funds sector focused on quality service and value for the client. It makes absolute sense to throw our weight behind TISA to achieve that goal. This is a very positive development for the distributor funds sector which has much to offer clients and intermediary firms in the light of the Retail Distribution Review.”
TISA is able to bring interested parties together – as it did with the Platform re-registration project – to consider all the issues, identify what is best for the consumer, agree what constitutes optimum practice and deliver what is necessary to create a common set of industry standards.
Ends……
For further information, please contact:
Malcolm Small, Director of Policy, TISA – Mobile: 07989 500771
Email: malcolm.small@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786
Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of savings vehicles & services and centralised investment propositions.