The Financial Conduct Authority's (FCA) impending review into the role of authorised corporate directors (ACDs) should take aim at a "conflict of interest" at the heart of their relationship with investment managers, as well as the qualifications of those performing vital functions, according to industry experts.
In August it emerged that the suspension of the Woodford Equity Income fund, and the role of its ACD Link Asset Services, had led the FCA to inform the market of a review. While little is known as to the scale or specifics of the review, the Investment Association reportedly warned ACDs were "entering a period of further regulatory focus" in a letter to members. Head of investment management oversight at FundRock Partners and head of investment oversight at Fund Partners Matthew Priestley said the FCA's review may take aim at an inherent "conflict of interest" in the nature of the...
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