FCA warns asset managers: 'Act now' on LIBOR

Ceases to function at the end of 2021

Mike Sheen
clock
The regulator's call to action follows repeated warnings from the Bank of England
Image:

The regulator's call to action follows repeated warnings from the Bank of England

Asset management firms must "act now" and take "immediate action" to shed themselves of exposure to LIBOR-linked investments and benchmarks before the rate ceases to exist at the end of 2021, the Financial Conduct Authority (FCA) has warned.

In a 'Dear CEO' letter published this morning (27 February), the FCA's head of asset management supervision Nick Miller told firms they are responsible for taking "proactive steps" and building transition...

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 Investment

The recommendations come as the UK asset management sector looks to be more competitive in the wake of Brexit.

IIMI: Four key ways to improve UK asset management sector

Wake of Brexit

Melanie Boulton
clock 25 May 2022 • 2 min read
The firm agreed to a cease-and-desist order and a censure
ESG

SEC fines BNY Mellon Investment Adviser $1.5m for greenwashing

ESG reviews not performed

Lauren Mason
clock 24 May 2022 • 1 min read
Alex Hoctor-Duncan of River and Mercantile Group

FCA approves AssetCo takeover of River and Mercantile

Important milestone in transaction

Lauren Mason
clock 19 May 2022 • 1 min read
Trustpilot