Comment on the IMA and ABI investment arm merger
Commenting on the IMA and ABI investment arm merger, Gina Miller, founder of SCM Private and the True and Fair Campaign stated:
Posted By: True and Fair, 9:11 am
“This merger could be extremely dangerous for British savers and investors, potentially creating an anti-consumer giant that will have a louder lobbying voice and deeper pockets.
The IMA and ABI have, to date, shown themselves to be entirely focused on the needs of their members over consumers, repeatedly failing to act to end the scandal of hidden costs and charges in the investment and pensions management industry.
This merger smells like it has been borne out of desperation as the public and regulatory mood changes towards greater transparency, total cost disclosure and the eradication of practises that have allowed IMA and ABI members to pickpocket savers and investors.
There has been no evidence from either body that their own voluntary codes or rhetoric on transparency and consumer protection have translated into practical actions that improve consumer protection or are followed by their own board members. If the IMA and ABI are serious about restoring trust in financial services and driving consumer protection and transparency, this new body needs to act decisively and immediately end the fiasco of hidden costs and charges.
This merger should be seen as the industry marshalling its forces to protect its own back at the expense of UK savers and investors.”