Which organisation is the trade body for the UK authorised open-ended funds industry?

• A. Investment Association (IA) is the trade body for the UK authorised open-ended funds industry.
• B. Association of Investment Companies (AIC) occupies a similar role for investment trusts.
• C. Financial Conduct Authority (FCA) regulates open-ended funds in the UK.
• D. Securities and Exchange Commission (SEC) regulates US-based mutual funds.

Answer: (A)

The Investment Association is the body that represents the UK asset management industry for open-ended funds such as OEICs and unit trusts. As a trade body, it speaks for member firms, influences policy, and provides industry data and guidance to help shape how these funds are managed and sold. The Association of Investment Companies focuses on investment trusts (closed-ended funds), not open-ended funds. The Financial Conduct Authority is the regulator overseeing funds and markets, not a representative body. The SEC regulates US funds. So, for the UK authorised open-ended funds sector, the Investment Association is the correct representative.