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UK Financial Conduct Authority: Fund Managers Falling Short On Assessing The Value Of Their Funds

UK Financial Conduct Authority: Fund Managers Falling Short On Assessing The Value Of Their Funds
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FCA tells fund firms to improve governance in wake of Woodford crisis

All UK funds have an AFM, who is separate from the manager and must ensure the fund complies with FCA rules. Link is being sued by savers who say it should have kept Woodford (pictured) on a shorter leash. The FCA said AFMs failed to focus on risks posed to investors by inappropriate or poor value funds.  Some referred to funds as if they were solely operated by the third-party manager, the FCA said, and did not mention their own responsibilities. Sheldon Mills, at the FCA, said: Some firms are not sufficiently meeting FCA standards and we want to see significant improvement. 

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