LTAFs - some things to some people, sort of

As clear as mud

The LTAF is finally here for retail investors and it’s confusing / underwhelming / the best thing since sliced bread / going to end in tears. Delete as appropriate.

On Thursday, the FCA published its policy statement on broadening retail access to the LTAF and laid out answers to questions that have been circling for years now. One debate that began back during the open-ended property fund suspensions of 2020 (and 2019, if you include M&G) related to the notice period investors would have to give to ensure there wouldn't be a run on an illiquid fund. As it turns out, the FCA believes 90 days is long enough to protect investors from widespread fund suspensions. However, it's not entirely clear whether this will prevent a run on a fund or just kick...