IMA counters FCA's outsourcing concerns with principles list

The Investment Management Association (IMA) has responded to the FCA's concerns over outsourcing arrangements across the industry by producing a set of principles it expects members to adopt and adhere to.

Following the release of the FCA's Dear CEO letter on outsourcing last December, the IMA has put together a list of principles it feels should improve oversight of outsourcing arrangements. The principles laid out by the IMA cover three main areas: oversight, exit planning and standardisation. Outlined below are seven key guiding principles the IMA has put forward to help members meet the FCA's new criteria on outsourcing. Comprehensive exit plan Asset managers should have an exit plan that includes all relevant outsourced functions. Exit plans for each outsourced function shoul...