The FCA has set up a new supervisory team to oversee the retail fund management industry
The fund authorisation and supervision team has been established with the wholesale banking and investment management division of the FCA.
The team has 15 members and is led by Andrew Coulson, who was hired from the Central Bank of Ireland earlier this year.
The new team’s objective is to provide “cradle to the grave” supervision and scrutiny of funds, from a re-tooled authorisation process to ongoing scrutiny of the fund throughout its life until it is closed.
The aim of the new team is to ensure that the structure and activities of funds are in the best interest of investors, putting the “consumer outcome” more into focus.
While the team will take a more hands-on approach to scrutinising funds and fund managers than previously, the FCA said it was also looking to improve its own processes, in order to make things such as fund authorisation “more streamlined and efficient”.
