IMA proposes ‘statement of principles' for groups to help rebuild trust

The Investment Management Association (IMA) is canvassing fund groups on how to counter the "very significant erosion of trust in financial services" amongst consumers, and has proposed introducing a 'statement of principles' for members.

At a board meeting earlier this month, the IMA discussed the possibility of developing a statement to articulate the values of its members, in light of the potential for "reputational damage" if bad practice was to occur within the industry. Noting that consumers now trusted financial services less following a number of scandals, he said fund groups will now be asked for suggestions on how they can demonstrate "complete integrity" when dealing with clients, as well as issues facing member firms when potential conflicts of interest arise. "This project has the capacity to set the guidi...