Feb 22 2008
The Financial Services Authority (FSA) has revealed the progress it has made so far in the plans that would see consumers in the UK gain access to a new sector of investment funds.
In recent months, the FSA has been meeting with relevant parties in order to establish how a Funds of Alternative Investment Funds (Faif) system would be introduced and regulated, and final preparations are now being made.
Faifs would function as authorised onshore "retail-oriented" investment tools that could be used by people saving for retirement or for their family's financial future.
Dan Waters, director of retail policy and leader of themes and asset management sector at the FSA, said: "Permitting consumers access to a wider range of innovative investment strategies through authorised onshore vehicles will allow more choice and a better opportunity for risk diversification."
Earlier this month, the Tax Incentivised Savings Association called on the government to make investment bonds more flexible in terms of their tax-exemption status.
