Guy Sears, Director of Wholesale at the IMA, said:

"The FSA’s consultation failed to reflect adequately the current practices of our members and the nature of the asset management industry. However, since the publication of the Remuneration Code, statements by the FSA and the Committee of European Banking Supervisors (CEBS) have provided some reassurance.”

“In order to assist our firms in complying with the rules in a proportionate manner, the IMA has drafted guidance for the asset management industry. It is now essential for the FSA to continue its dialogue with the industry to ensure the rules are implemented appropriately.”

“The FSA needs to have more realistic expectations for the implementation timetable: currently firms have less than 12 weeks in which to comply with the majority of the rules.”

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