FCA private market review a 'wake-up call' for asset managers

The regulator revealed it was preparing to run a full-scale review into private markets valuations in the latter half of 2023 as part of a joint evaluation with international regulators of the risks the non-bank sector could pose to financial stability. Acuity Knowledge Partners associate director Prashant Gupta says the initiative evidenced "the importance of private markets maintaining robust and transparent internal valuation procedures". Although the full scale of the inquiry has yet to be revealed, Scottish Mortgage commercial director Stewart Heggie says the FCA had "identified ...