Imro calls for openness

PHILLIP Thorpe, chief executive of the Investment Management Regulatory Organisation, has called for more openness from regulators, writes Caroline Merrell.

The demand for greater transparency from the Personal Investment Authority and the Securities and Investments Board came as Imro published its first quarterly performance report. Imro regulates fund managers, unit trust companies and some life assurance companies.

'We believe that being committed to investor protection demands greater openness on the part of the regulators, as well as those being regulated,' Mr Thorpe said.

The report said that of the 184 complaints to Imro in the first quarter, 71, questioned the suitability of the products sold.