HISTORIC PRESS RELEASE : Helen Liddell announces wider choice for investors [November 1997]

The press release issued by HM Treasury on 4 November 1997.

Plans to allow an additional range of open ended investment companies (oeics), giving a wider choice for investors were announced today by the Economic Secretary, Helen Liddell.

Speaking to the Association of Unit Trusts and Investment Funds, Mrs Liddell said that she supported allowing oeics to establish cash funds and funds of funds and was currently considering the best way to introduce them.

The Minister said:

“The Government is very well aware of its part in ensuring the UK financial services industry continues to be successful.

“We are also aware that there is a need to develop further and adapt to meet the changing needs of the marketplace.

“These new oeics will have a useful role to play for retail investors.”

The ability for oeics to take advantage of these powers will allow the industry to build on the success of the oeic as a UK investment vehicle and provide a greater choice for investors.