Statement from IMA chief executive on CPS report, ‘Put the saver first’

15 June 2012

Mr Saunders said: "While the report rightly focuses on some important issues, it contains a worrying number of inaccuracies. These sorts of errors don't help the debate and risk misleading investors, causing unnecessary concern and potentially undermining the long-term savings culture that we need."

In response to the CPS report, ‘Put the saver first’, the Investment Management Association's (IMA) Chief Executive, Richard Saunders, said: "Creating a positive long-term savings and pensions culture is of undoubted importance. The investment management industry is already taking a number of initiatives to provide simplicity and improve consumer confidence, including the following:

• the IMA has been working with its members for several months on industry guidance for better disclosure of fund charges and trading costs – this is due to be issued shortly;
• the Investment Governance Group, of which IMA is a member, is a joint industry and government initiative, whose aim is to encourage high standards of investment governance across a range of work-based pension schemes;
• the IMA and ABI have recently announced they plan to undertake a series of initiatives to build industry standards, beginning with the design, implementation and delivery of default pensions funds."

Press release

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