The FSA has been forced to delay a policy statement which would allow retail investors in the UK to invest in Funds of Alternative Investment Funds (FAIFs), including funds of hedge funds.
The statement was due to be released later this year but has been put back until 2008 because of a number of tax issues. The Treasury is currently consulting on several tax proposals which could affect the regime, including capital gains tax and the offshore funds regime, with a 9 January deadline for responses. An FSA spokesman says the regulator will wait to see the outcome of this proposal before considering how it will affect its own plans. Dan Waters, director of retail policy and themes at the FSA, says: "We recognise the difficulties of trying to resolve the complex issues raised...
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