The Financial Transaction Tax will make UCITS funds
unattractive for long-term savers, according to Peter de Proft
from the European Fund and Asset Management Association.
The proposed tax will cause retail and institutional
investors to switch their savings away from UCITS and towards
savings deposits and life insurance products that are not
covered by the FTT.
The FTT, which is also known colloquially as the Robin Hood
tax or the Tobin tax, has been proposed as a response to the
trillions of dollars that the financial services sector has
received in bail-outs since the beginning of the credit crunch.
Some 65% of European citizens are...