Currently at the development stage, the new website would offer investors a search tool that filters the fund information provided by asking them to select specific options.
For example, an investor could go to the site and enter that they had £10,000 to invest, wanted it to be within an ISA, invested in UK equities and with a medium-risk profile. Depending on how many question fields there are and how narrowly the questions probe, there is potential for this search tool to throw up a limited fund selection.
A spokesperson for the IMA admitted the organisation was wary of toppling into advisory territory, but they added that the website in its current form was "unwieldy" and while investors could search for a fund by sector, their search would deliver too large a spreadsheet showing all funds within that sector and it was an inefficient way to access the information.
A spokesperson said: "We are hoping to create something that is a bit more interactive. As with any website we have been in discussions with lawyers to make sure everything is above board. We do not want to be seen as advisory."
She said the way the IMA would probably get round accusations of the sort would be to make it very clear on the website that it is primarily an information tool. It will then tend to link to the individual fund management firm’s website or to a third-party website such as Trustnet for performance statistics.
Crucially, however, the IMA said the new search service would tell people when not to invest and if a cash ISA or bank deposit account was a better idea for them.
"If you are saving for a house, plus have student loans, you may not want to invest in a pension," she added.
