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Banking: Fund Managers

House of Lords written question – answered on 15th October 2012.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government, further to Written Answer by Lord Sassoon (HL2230), whether there is any evidence that fund managers contributed to the financial crisis and any basis for concluding that there is a public policy interest in controlling their remuneration.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The European Commission's impact assessment for the alternative investment fund managers directive (AIFMD) sets out an assessment of the role of fund managers in the financial crisis.

An objective of the AIFMD is to address any potentially detrimental effects of poorly designed remuneration structures on the sound management of risk, control of risk-taking and potential conflicts of interest. There is a public policy interest in applying appropriate remuneration principles through the implementation of AIFMD, where it is important that national regulators retain the discretion to apply remuneration provisions proportionately.

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