Fund board rules must be stricter to achieve 'substantial change'

Six months before deadline

Jayna Rana
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Some funds boards have claimed the iNED changes are unnecessary
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Some funds boards have claimed the iNED changes are unnecessary

The FCA's requirement that all UK open-ended funds have at least two or 25% of independent non-executive directors (iNEDs) on their boards will not "transform the industry" and does not go far enough, experts have warned

With exactly six months left for fund groups to implement the rule, which was one of the many 'remedies' outlined last April by the Financial Conduct Authority (FCA) following its Asset Management Market...

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