The UK's Investment Association has published a Statement of Principles for Investment Managers which "goes further than regulatory requirements".

The statement, which managers are invited to sign, sets out ten points that encompass what the responsibility of managing other people’s money means in practice for corporate culture and individual mind-set. 

It expresses a new core principle that investment managers should “always put clients’ interests first and ahead of our own” in the execution of their duties.

"Investment managers recognise that they need to welcome scrutiny and to be held accountable. They also need to demonstrate clearly that they have an obsession with high standards of integrity and competence," said Helena Morrissey, chair of The Investment Association. 

"These principles go further than regulation to fulfil these requirements. Adherence to the principles will ensure that clients can be confident in their investment managers’ integrity and approach to delivering on the objectives they have agreed.”

Signatories to the statement will have to publish their approach to maintaining the principles, identifying how they would deal with the key issues that could compromise their ability to adhere as well as anually confirming their processes for this are still effective and reporting any issues identified.

The Investment Association will maintain a list of signatories on its website from July 31 2015, a link to members’ descriptions of their approach from January 1 2016 and a link to annual reports on the principles from January 1 2017. Also in January 2017 The Investment Association will review the principles, considering uptake, impact and feedback from all stakeholders.

“The Investment Association’s purpose is to work with our members to make investment better for clients, for companies and for the economy. This statement of principles is a key step towards that goal," said Daniel Godfrey, chief executive of The Investment Association.

The UK asset management industry has over £5trn under management and manages a third of all the money invested in Europe. One of the UK's most successful sectors, it is the source of substantial export revenues and is also a prime location for inward investment.