Regulation  

Regulator should be ‘almost irrelevant’, IMA says

The regulator’s presence should be ‘almost irrelevant’, according to the Investment Management Association (IMA).

Speaking at the FCA Asset Management conference today, IMA chief executive Daniel Godfrey said the trade body’s vision is to see the regulator in a different way.

Mr Godfrey compared his idea for the regulator’s presence to how we see the police on the street. While this may have initially raised the eyebrows of FCA chief executive Martin Wheatley, he said, the IMA hopes the industry will collaborate.

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“We want to be pleased to know they are there but also know they are there to protect us,” he said.

“To take advantage of the opportunities in the asset management industry, we have to get it right.”

The IMA is currently undertaking its own research alongside the National Association of Pension Funds (Napf) and the Association of British Insurers (ABI) on stewardship and engagement. Mr Godfrey said the research aims to see how to work with companies to get them thinking in the long term and get away from quarterly thinking.