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 PA's sister title 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 Retail Schemes and Qualified Investor Schemes between 2017 and year-to-date 2021, not one has been formally rejected. Of these near-300 applications, 46 have been withdrawn, meaning 250 applications have been approved over the past five years. The FCA stated that applications "may be withdrawn for various reasons, for example, because there were outstanding queries o...
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