Regulation
Awaiting authorisation
Heightened scrutiny from the Financial Conduct Authority (FCA) has resulted in asset managers waiting, on average, nearly 10 months for authorisation to conduct business in the UK in 2023. This is an increase of one month compared with 2022. Ignites Europe reports on the data garnered from the UK regulator.
Forward thinking
Ignites Europe has produced a useful interactive table with key upcoming regulations in the UK and EU, across seven categories: ESG disclosures, ESG ratings providers, Fund distribution, T+1, Ucits, AIFMD & Eltif, Diversity and inclusion, and Money market funds.
Expectations of Duty
In case you missed it, in December the FCA hosted a webinar covering the latest on Consumer Duty across sectors. Nisha Arora, Director of Cross Cutting Policy and Strategy presented on how the embedding of the Duty is going and what is expected going forward. Watch the webinar recording or read the transcript.
Rear view
Also, into the second year of its 3-year strategy, the Financial Conduct Authority (FCA) has reviewed some of its key achievements and milestones from 2023.
VAT voided
And the end of December, the European Court of Justice ruled that independent directors’ fees are not liable for VAT. The ruling is a boost for directors of management companies and potentially unregulated funds, although it does not affect regulated investment funds, such as Ucits or alternative investment funds Ignites Europe reports.
Market News
Joseph Pinto, the chief executive of M&G’s asset management business has urged dialogue between global watchdogs to ensure a consistent regulatory framework for fund tokenisation in an interview with Financial News. This follows the UK government backing an industry-led blueprint on how funds can adopt blockchain technology.
Governance
Firm focus
A useful set of thoughts on what boards should focus on in 2024, with some pertinent points for fund boards, including board effectiveness and oversight of Artificial Intelligence (AI), from the Harvard Law School Forum on Corporate Governance.
People Focus
Former Hargreaves Lansdown Chief Executive, Chris Hill, will join the Quilter board as an independent non-executive director, effective from 7 March 2024. Investment Week has the details.
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