The Financial Conduct Authority (FCA) has begun to increase its checks on open-ended property funds as the likelihood of a no-deal Brexit on the 31 October rises, according to the Financial Times.
It has expanded the pool of funds that are subject to daily monitoring, the FT revealed, following a wave of outflows from property funds in recent months. The FT, which cited ‘three people familiar with the situation', reported that both small and large property funds which suffered after the EU referendum in June 2016 must deliver daily cash flow updates to the regulator. Prudential restricts withdrawals from institutional UK Property fund Investment Week reported back in April that fund selectors were warning open-ended UK property funds could see mass outflows and fund suspensi...
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