FCA grilled platforms on asset freezes in March before Woodford saga

Consulted on fund illiquidity

clock
The watchdog asked the companies to consider how they would treat customers fairly and communicate with clients in the event of assets being frozen, according to PA
Image:

The watchdog asked the companies to consider how they would treat customers fairly and communicate with clients in the event of assets being frozen, according to PA

As the fallout from the Woodford Equity Income fund suspension continues, Investment Week's sister title Professional Adviser can reveal that the FCA wrote to platforms in March to enquire about their processes around asset freezes.

Towards the end of March the regulator wrote to some, but apparently not all, investment platforms after it did work with a small number of other firms to see how they would respond in the event a fund...

To continue reading this article...

Join Investment week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space

  • Get ahead of regulatory and technological changes affecting fund management

  • Important and breaking news stories selected by the editors delivered straight to your inbox each day

  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts

  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

These changes will be brought via secondary legislation to amend the Financial Promotion Order, which sets out the investments and activities that are subject to the regime.

Government set to tighten rules on 'misleading' cryptoasset promotions

Six month transition

James Baxter-Derrington
clock 18 January 2022 • 1 min read
Four firms have already had their permissions cancelled by the regulator for failing to respond to multiple mandatory information requests.

FCA tightens grip on temporary permissions regime for European firms

Four permissions cancelled

James Baxter-Derrington
clock 18 January 2022 • 1 min read
The Bank of England is one of 90 central banks around the world exploring whether they should introduce their own digital currencies.

House of Lords report: Digital pound could lead to run on banks

Lords Economic Affairs Committee report

Jenny Turton
clock 13 January 2022 • 2 min read
Trustpilot