The Financial Conduct Authority (FCA) has committed to cutting fund authorisation times for UCITS and other fund structures by April 2014.
Speaking at the FCA's Asset Management Conference in London last week, FCA director of supervision Clive Adamson said 90% of UCITS authorisations would be completed within six weeks as of next April.
He also pledged to cut authorisation times for non-UCITS retail schemes to three months as of the same date. The FCA plans to cut this further, to two months, by April 2015.
Adamson said the waiting period for Qualified Investor Schemes would also be cut, to two months as of next April and to one month as of April 2015.
"We have committed to speed up the fund authorisations process so that asset managers know in a timely manner the outcome of their application," he said.
"We believe this is in line with our commitment to support this key industry and make the UK an attractive jurisdiction to do business in."
Outlining the FCA's plans for the asset management industry, Adamson said the culture of a firm is crucial to it being able to meet customer interests.
"This needs to be led from the top of the firm and needs to much more than what could become vague corporate aspirations."
"While the FCA doesn't assess culture directly, we are drawing conclusions about culture from what we observe about a firm."
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