By Ray Russell

ISBN-10: 0470017708

ISBN-13: 9780470017708

An creation to Fund administration introduces readers to the industrial purpose for the life of cash, the different sorts on hand, funding ideas and plenty of different similar matters from the point of view of the funding supervisor. It supplies an outline of the complete enterprise and explores the method and methods of fund administration, functionality dimension and fund management. This up to date version displays new regulatory adjustments and advancements.

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Extra info for An Introduction to Fund Management (Securities Institute)

Example text

The FSA has published its Handbook of principles and ROLE OF FUNDS 41 detailed rules, guidance and evidential provisions, which displaces the rulebooks of the former SROs and introduces a new risk assessment approach to supervision and authorisation. The FSA is responsible for direct enforcement of the FSMA, including policing the outer perimeter or boundaries of what is or is not investment business; direct regulation of firms that obtain permission to engage in a regulated activity and what the FSA itself describes as ‘system management’, which includes maintaining central registers of authorised businesses and ‘approved persons’, conducting fraud investigations, monitoring for consistency across its rulebook on connected topics, especially new developments such as promoting via the Internet; and exchanging information and concerns with other regulators, within the UK, across the EU – where the FSA is a prominent member of the Council of European Securities Regulators (CESR) – and globally.

Restrictions on the investment powers of unit trusts and OEICs, for example, prevent concentration and provide a diversified portfolio, but also limit the gain that is possible on any single successful investment. Uses of funds Funds can be used by investors for two principal purposes – to accumulate capital to deal with some future ROLE OF FUNDS 25 event, such as mortgage repayment, retirement, school fees, major expenditure; or to provide a current income, whether as a pension, purchase of an annuity or simply supplementary to other sources.

Pension funds A ‘pension fund’ is a pool of money contributed to a pension scheme and invested to provide either an actual pension to participants when they retire (defined benefit scheme) or a sum of money that is used to buy an annuity (defined contribution or money purchase scheme). The scheme may also provide for death in service benefits and widows’ pensions and is, therefore, frequently linked to a life policy or provided by a life company. Broadly, with a defined benefits or final salary scheme, which used to be the only form of pension ROLE OF FUNDS 17 scheme available to employees, contributions are made by the employer but, from the employee’s perspective, the scheme may be contributory or non-contributory.

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