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

Six months before deadline

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

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 ...

To continue reading this article...

Join Professional Adviser

 

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Sheldon Mills, FCA executive director of consumers and competition

FCA gives three-month Consumer Duty extension for advisers

Deadline of 31 July 2023

Hemma Visavadia
clock 27 July 2022 • 5 min read
Image: The latest market news and analysis

Market Movers: Fed poised for another historic rate hike

Potential rate hike of 100 bps

clock 25 July 2022 • 1 min read
Industry Voice: Consumer Duty will drive cultural shift

Industry Voice: Consumer Duty will drive cultural shift

Royal London
clock 21 July 2022 • 5 min read