FCA grilled platforms on asset freezes in March before Woodford saga

Consulted on fund illiquidity

Tom Ellis
clock • 2 min read

As the fallout from the Woodford Equity Income fund suspension continues, Professional Adviser can reveal 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 was suspended. The regulator then communicated with platforms to outline its findings and urge them to consider how prepared they were for fund suspensions, saying it would follow up after they outlined their preparedness and contingency plans. It was not clear why the FCA did not contact all investment platforms. Professional Adviser also understands the watchdog asked the companies to...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read