FCA has never rejected a fund launch application since inception

Regulator came into force in 2013

The Financial Conduct Authority (FCA) has never rejected an application to launch a fund, a freedom of information request from Investment Week shows.

According to the regulatory body, which first came into force in April 2013, it has not "formally refused any new scheme authorisation applications" in any given year since inception. The FOI was filed following recent confirmation that the FCA had not rejected a fund application in the last five years, despite the fact its head of asset management supervision Nick Miller wrote an open letter in July warning of the "poor quality" of ESG fund launch applications being received. FCA bolsters executive team in post-scandals restructure Over the last half-a-decade, the FCA received 296...