WASHINGTON – There is no guarantee that another scandal could not plague the fund industry, said ICI President Matthew Fink at the General Membership Meeting here. That’s why fund companies must work to ensure that breaches of fiduciary responsibility never occur again, Fink and other executives said.

The fund industry must be more proactive in its dealings with regulators, noted ICI Chairman Paul Haaga. "We must continue to support tough, effective mutual fund regulation and be willing to suggest ideas to the SEC and help its new risk assessment office," Haaga said. "We must ensure that rules and regulations are working effectively but be mindful that government regulation has inherent limitations. What is needed is a change in mindset that fosters ethical behavior."

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