The suspension of the Woodford Equity Income fund is set to spark an industry-wide review of authorised corporate directors (ACDs) headed up by the FCA, following scrutiny of their role in the scandal by politicians, regulators and industry executives.
Woodford's ACD Link Asset Services is currently being scrutinised by the Financial Conduct Authority (FCA), amid monthly discussions over the liquidity of the fund since February, with the regulator now writing to other ACDs to inform them of a market review, according to the Financial Times. The Investment Association (IA) has written to members informing them of the growing regulatory scrutiny, with chief executive Chris Cummings noting in an email that ACDs are "entering a period of further regulatory focus". Cummings has invited the ACDs to a roundtable, which will "determine a co...
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