The FSA has around twice as many applications for new launches compared to last year, leading to del...
The FSA has around twice as many applications for new launches compared to last year, leading to delays in product providers bringing funds to market, writes Robert Stock.
Mike Gould, manager of collective investment schemes at the FSA, whose department gives authorisation for new fund launches, said that product providers had flooded the CIS office with applications for new launches.
Gould said applications for new product launches are currently running at double the level compared to the same time last year with unit trust applications remaining flat on the previous year, with the remaining 50% of applications concerning Oeics.
He said: "A lot of the applications we have had are related to the start of the next Isa season. We are normally quite busy in February and March and we have got the impression that asset managers are getting their applications in a month or two before the date they used to work to for their Pep applications."
The rise in applications for Oeic sub-funds reflects the growth in that area of the market. According to Autif, Oeic funds now represent 25% of all investment funds in its universe by number.
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