Imro to register individual fund managers

AT LEAST 26,000 investment managers will have to apply for registration with Imro, the industry regulator, as part of a new plan to improve investor protection.

That will extend supervision of investment management from firms to the people they employ. It will allow Imro to keep track of suspect individuals as they move from employer to employer.

Phillip Thorpe, chief executive of Imro, said the move would deter individuals as well as firms from breaking the rules. Applications are expected by the end of July.

The move brings investment management into line with the securities industry, where dealers already have to register with the Securities and Futures Authority.

Imro also said it was abolishing the pounds 1m ceiling on fines by its disciplinary committee, which was increased from pounds 150,000 last October.