The Financial Conduct Authority (FCA) will launch a consultation on updating the permitted links framework to allow unit-linked pension funds to invest in an appropriate range of so-called 'patient capital' assets.
The consultation is expected by the end of 2018, according to the Autumn Budget 2018 document unveiled today (29 October) following chancellor Philip Hammond's Budget speech to the House of Commons. The document said the consultation will accompany the ongoing work of the HM Treasury's Asset Management Taskforce to explore the feasibility of a new long-term asset fund. Hammond's Autumn Budget and Patient Capital Review last November saw the introduction of the new 'principles-based' test on tax-efficient investments, which aims to ensure investment is focused on companies seeking long...
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