FCA asks platforms for number of clients affected after M&G suspension

The FCA said it contacted platforms to ask for the number of clients who would be affected by the closure of the fund. It followed the news that M&G's Property Portfolio fund had been suspended after "unusually high and sustained outflows", with the fund's assets under management (AUM) falling by roughly £1bn since the start of the year. A source, who preferred not to be named, told PA they imagined the platforms contacted included "the top dozen or so" because larger platforms are supervised directly by the regulator by virtue of their size. The suspension of the M&G fund, which was ...