Financial Services Industry
Industry: Email Alert RSS FeedPerforma warns FSA over false Gips claims.
Investment Adviser, January, 2008
Byline: Solutions provider says watchdog should follow US counterpart's censure practice
The FSA should follow its American regulatory counterpart in censuring companies falsely claiming to be Gips compliant, solutions provider Performa has said.
It is not compulsory for retail fund houses to sign up to the Global Investment Performance Standards in either country, but in the US a company can be prosecuted for fraud by the Securities and Exchange Commission if it is found to have falsely claimed compliance.
However, in the UK, the FSA conducts no verification of companies declaring they conform to these standards.
Anthony Howland, chairman of Performa, said: "We are trying to persuade the FSA to take the same stance as the SEC, if...
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