FCA amends investment rules to allow greater LTAF access

Specific to non-UCITS retail schemes (NURS)

The Financial Conduct Authority has amended the limits for non-UCITS retail schemes (NURS) to have a wider access to long-term asset funds (LTAFs).

In a ‘Handbook notice', the regulator said it had made "technical amendments to remove a barrier that currently makes it hard for NURS to invest in LTAFs". The previous rules permitted NURS to invest up to 20% of its portfolio into units of one or more LTAFs, as long as each LTAF does not in turn invest more than 15% of its portfolio into any kind of collective investment scheme (CIS). Aviva Investors launches private debt LTAF The FCA referred to these CISs as ‘second schemes' and referenced industry feedback, which claimed that since LTAFs typically make a significant proport...