FCA begins ACD market probe - reports

Focusing on external ACDs

The Financial Conduct Authority (FCA) has begun its investigation into the fund authorised corporate director (ACD) market with a site visit and questionnaire delivered to Smith & Williamson.

The regulator, which instigated the review in the wake of an investigation into Link Fund Services' role in the demise of the Woodford Equity Income fund, has recently quizzed S&W about its systems and oversight arrangements, according to the Financial Times. Woodford ACD Link: We acted in investors' best interests Focusing on external ACDs contracted by asset managers, the FCA's questioning of S&W is expected to mark the beginning of a wider probe. One senior ACD executive aware of the situation said: "The FCA is lifting up the drains and looking at everything." A central conce...