The Financial Conduct Authority (FCA) is to release a discussion paper on open-ended property funds in the new year, following a raft of suspensions this summer after the Brexit vote.
Speaking at the Wealth Management Association conference today, FCA director of supervision for investment, wholesale and specialist Megan Butler (pictured) said the regulator was looking into the issue. A number of open-ended property funds were suspended this summer, following a high level of redemptions after the UK voted to leave the European Union. Butler said she did not expect many advisers to have held open-ended property funds but urged them to think about how they would manage any long-term risk if their retail clients wished to exit the illiquid asset class quickly. She...
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