FCA has never rejected a fund launch application since inception

According to the regulatory body, which first came into force in April 2013, it has not "formally refused any new scheme authorisation applications" in any given year since inception. The FOI was filed following recent confirmation that the FCA had not rejected a fund application in the last five years, despite the fact its head of asset management supervision Nick Miller wrote an open letter in July warning of the "poor quality" of ESG fund launch applications being received. Over the last half-a-decade, the FCA received 296 applications, 250 of which were approved while 46 were with...