UK fund board overhaul rules must be stricter to achieve 'substantial change'

Six months before deadline

Industry commentators have warned the Financial Conduct Authority's (FCA) requirements for all UK open-ended funds to have at least two or 25% of independent non-executive directors (iNEDs) on their boards will not "transform the industry" and does not go far enough.

With exactly six months left for fund groups to implement the rule, which was one of the many 'remedies' outlined last April by the FCA following its Asset Management Market Study in 2017 and was included...