The Investment Association (IA) has opened its iNED Club, which will support independent non-executive directors (iNEDs) in the investment management industry aiming to providing effective oversight and scrutiny on fund boards.

Under new FCA rules, fund managers are now required to appoint at least two iNEDs on their boards before the deadline of 30th September. iNEDs will have a specialised role supporting and challenging the board’s assessment of value for each fund, ensuring that it is managed in the best interests of all investors.

The club has a suite of resources for iNEDs to utilise, including an online portal with access to regularly updated research and reports to help them fulfil their duties.

The IA is also delivering a comprehensive selection of practical training courses focused on board governance and succession, as well as a series briefing and networking events for the iNED community.

Chris Cummings, Chief Executive of the Investment Association, spoke positively about the role of iNEDs and emphasised the importance of them having additional support.

He said: “iNEDs will play a crucial role in providing independent oversight and scrutiny, and as an industry we welcome their input in ensuring investors remain at the heart of decision making. We also recognise that they will require support in fulfilling their roles, which is why we have launched the iNED Club to provide a one-stop shop to enable iNEDs to access training and share best practice.”

The IA has 250 members which manage £7.7 trillion of assets. The UK is the second largest investment management centre in the world, after the US and manages 35 percent of all assets managed in Europe.