FCA takes aim at ACD market amid governance failings and conflicts of interest

The Financial Conduct Authority (FCA) is considering new rules for the authorised corporate director (ACD), or "host authorised fund manager" (AFM), market, after a review of the sector found failings across governance, conflict of interest management and operational controls. A report published today (30 June) by the regulator called for improved standards in the market, where it found a number of firms failing to meet regulatory standards, and warned that the FCA is ready to intervene if progress is not made. The review, which surveyed a sample of firms in the year to Q4 2020, targe...