Brexit
UK finance watchdog warns EU against 'disrupting' fund industry
UK finance watchdog warns EU against 'disrupting' or 'weakening' investment management industry by tightening rules on 'delegation'.
Fund managers are facing increased scrutiny from European regulators, particularly on their use of 'delegation' to outsource activities to companies based outside the EU – which would include the UK come 2019.
"Let’s not beat about the bush, this model works – it works well for investors and for investment managers. So, why disrupt it, or put another way, must it be disrupted?" Financial Conduct Authority Chief Executive Andrew Bailey said in a speech on Tuesday evening at the Investment Association's annual dinner.
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