“We are seeing a rise in more aggressive extra-territorial regulation which is adding cost and complexity to the industry and breeding protectionism in different jurisdictions", said IMA Chief Executive Richard Saunders (left). "The litmus test for new regulation should be whether it brings real benefits to end investors. Too often this seems not to be applied."
The report, which surveyed members on a range of issues, highlights regulatory change as a cause of growing complexity, especially in data management and concludes that "Fragmentation adds to operational costs, for example in needing to report information and organise data in multiple ways, each specific to every regulator"
IMA members manage £4.2 trillion in funds. The report is available for download here.