The Financial Conduct Authority (FCA) has said fund groups must do more to ensure they control the risk of market abuse, following a thematic review into the issue.
The regulator's review into how asset managers control the risks of insider dealing, improper disclosure, and market manipulation found only a "small number" of firms had comprehensive practices and procedures in place. It comes as the FCA increases its focus on insider dealing and related issues, having issued fines totalling £346m in 2013 for breaches related to market abuse. The regulator then highlighted its review of asset managers' practices in its 2014 business plan. In the review's findings, released this morning, the FCA said the 19 small and large fund firms it assessed had ...
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