FSA overhauling rule book

Limited redemption funds, multiple share classes on unit trusts, more flexible rules concerning onshore property funds and the addition of performance fees are all areas the FSA will examine over the coming months. The regulator is undergoing a complete overhaul of the collective investment scheme rule book and, as part of the review, is looking to allow flexibility on fund charges, providing groups with the ability to use performance fees. Speaking at the IMA's annual conference, Kevin Tomlin, head of collective investment schemes at the FSA, told industry members current rules are mor...