IMA attacks HM Treasury’s laissez-faire framework

The UK Investment Management Association on Friday called for changes to HM Treasury’s planned Recognised Covered Bond framework to make it more prescriptive and requested a delay to its planned implementation on 1 January 2008. The move, which surprised most market participants who had been expecting a smooth transition to the new regime, was described as “incredibly unhelpful” by one leading player, but others were more sympathetic.