FCA to reduce fund authorisation times

Funds will be authorised much faster in a bid to increase the UK’s competitive edge, according to the regulator.

Speaking at the FCA Asset Management conference today, Clive Adamson, director of supervision at the regulator, said the fund authorisation process will be sped up.

The regulator’s approach is to focus on the role of asset managers as trusted agents, he said. “We want to strike a balance and encourage responsibilities.”

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He outlined that by April 2014, the regulator is targeting reducing the process for non-Ucits funds to three months and qualified investment schemes to two months.

Mr Adamson added that the plan is aligned to support the industry and to “make the UK an attractive place to do business”.

Ed Harley, head of asset management department at the FCA, said, “We want to reduce the targets materially. We need to make a run quickly and reduce any ‘dead time’. It is all part of a broader effort to launch funds.”