Property funds will be forced to provide the Financial Conduct Authority (FCA) with daily liquidity updates after further outflows from the sector prompted by Brexit uncertainty.
Morningstar data shows retail investors withdrew £315m from property funds in December, a comparable volume to outflows seen in each of the two months following the 2016 Brexit referendum when funds were forced to suspend trading and prevent investors from further redemptions. According to the FT, the FCA stepped up its monitoring of property funds available to individual investors to a daily basis late last year. Commenting on the FCA's increased scrutiny Kames Property Income fund co-manager David Wise said: "The FCA has learnt its lesson from 2016. "It is carefully watching flow...
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