The Investment Management Regulatory Organisation (Imro) has pointed out publicly on a number of occasions that no one is responsible for the overall supervision of pension funds and that the combination of laws which covers the activities of pension funds is not adequate. It is because the Government has recognised the problem that Professor Goode's committee is investigating this whole area. Imro has made a submission to the committee and hopes that the committee's recommendations will pave the way for the proper regulation of pension funds.
Imro carries out many investigations into the activities of its members but it only makes the details public when wrongdoing has been proved and disciplinary action has been taken. It may cause unnecessary worry to investors if Imro publicises an investigation which then finds the member to be blameless, and it is also unfair to the member. Contrary to Mr Bibby's suggestion, I have yet to meet any members who regard this confidentiality as a handicap. Details of disciplinary action are publicised in a register which is available to the public and are also announced in press releases if Imro considers that appropriate.
C K R Nunneley