Investment Management Regulatory Organisation
The Investment Management Regulatory Organisation is a group in the United Kingdom that regulates and mangers the investment funds like retirement funds as a part of the Financial Services Authority. The Investment Management Regulatory Organisation was a self regulating group under the Financial Services Act of 1986. They did the following:
- Investment management
- Management of unit trusts and various pension funds
- Investment advice to corporate and institutional clients
However in December of 2001 when the financial services and Markets act of 2000 came into play the Financial Services Authority took over the business of the Investment Management Regulatory Organisation.
The Financial Services Authority or FSA is a non government body that was given statutory powers by the Financial Services and Markets Act of 2000. The board sets the overall day to day policies and decisions of the staff. The FSA was set up by the government; they regulate financial services markets, firms and exchanges. They set standards that must be met and take action against the firms that do not meet those standards. Under the Financial Services and Markets Act of 2000 it states that the Financial Services Authority is to have functions on it by or under that act. They must comply with the requirements to the constitution. The Banking Act of 2009 provides the references to the functions of the Authority.
In conclusion the Investment Management Regulatory Organisation was taken over by the Financial Services Authority in 2001 under the Financial Services and Markets Act of 2000.