Regulation  

Invesco in FCA compliance probe

Invesco, the US parent of Invesco Perpetual, is under investigation by the FCA into matters relating to its compliance controls.

In Invesco’s 2013 annual report, filed with the US Securities and Exchange Commission, the company said it was “co-operating fully with the FCA review and is seeking to resolve this investigation on a consensual basis”.

According to Investment Adviser’s sister publication Ignites Europe, the FCA confirmed the investigation.

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The regulator said: “We cannot comment on enforcement cases until they are done. [But] it would be correct to say that [there is an ongoing investigation] and the description [Invesco] has given is accurate.”

The US company’s annual report stated: “The enforcement division of the FCA is conducting an ongoing review of certain matters pertaining to the company’s compliance with FCA rules and regulations for the period May 2008 to November 2012.

“The company is cooperating fully with the FCA review and is seeking to resolve this investigation on a consensual basis, although there can be no assurance that the company’s efforts to do so will succeed.

“The company believes that its current systems and controls now are adequate and in compliance with applicable regulations.”

Invesco said it was “not able at this time to estimate the amount of any potential fine” which may be levied by the FCA, but added that any penalty “would not have a material adverse effect on its financial position or liquidity”.