In the Margins

UK regulator pushed on fund board independence

October 4, 2017

By Financial Times

The United Kingdom's financial watchdog is facing calls to introduce strict rules requiring independent directors to make up the majority of fund boards as fears mount that asset managers’ interests are being put ahead of those of investors. In June, the Financial Conduct Authority put forward proposals that fund boards should appoint at least two independent directors, as part of the regulator’s far-reaching review of the GBP7 trillion U.K. asset management industry. But pension and consumer groups have pushed back against the proposals, demanding that the FCA take even more stringent measures on boards, which oversee how funds operate. Read the original story from Financial Times.