FCA Reviews Authorized Fund Directors After Woodford Saga
Law360, London (January 13, 2020, 4:01 PM GMT) -- The Financial Conduct Authority said Monday that it is reviewing companies authorized to ensure that asset managers are complying with the watchdog’s rules after the fallout from investors who were locked out of Neil Woodford's £3.7 billion ($4.8 billion) equity fund.
The City watchdog said that it is reviewing so-called authorized corporate directors. The financial companies are authorized by the FCA to be responsible for ensuring that U.K. funds stick to the rules, protect investor savings and are running smoothly.
“We have begun a review of the effectiveness of fund governance standards at firms that act as so-called host authorized corporate...
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