Mr Godfrey, IMA Chief Executive-designate, said that the integrity of the management of conflicts of interest is at the heart of trust in asset management, and that the FSA has clearly identified important issues of concern.
Responding to the FSA paper published today on conflicts of interest between asset managers and their customers, Daniel Godfrey, IMA Chief Executive-designate, said: "One of the most important guiding principles of asset management is the need to act on behalf of customers and to ensure that business and investment decisions are driven by putting their interests first. The IMA is committed to driving a process with members and the FSA that will establish a blueprint of thinking and activity to provide a framework which supports firms in assessing individually how they fulfil their obligations to manage conflicts of interest and how they disclose the practices they adopt to ensure that they adhere to their processes.
"The objective is to constantly raise the level of minimum standards towards that of best practice. Obviously, even minimum standards must be fully compliant with law and regulation but it is also of commercial benefit to be able to demonstrate robust processes that are applied and monitored with integrity."
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