FCA has not rejected a fund application in five years despite complaints over fund quality

Nick Miller has said funds ‘must improve’

James Baxter-Derrington
clock • 2 min read
An initial FOI was rejected on cost grounds
Image:

An initial FOI was rejected on cost grounds

The Financial Conduct Authority (FCA) has not rejected a single new scheme authorisation application over the past five years, despite recent castigation of fund houses by head of asset management supervision Nick Miller.

A recent Freedom of Information (FOI) request submitted by Investment Week to the FCA has revealed that out of the 296 applications received by the regulator for the authorisation of new UCITS, non-UCITS...

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