The UK’s 200 authorised fund managers (AFMs) must have their independent directors appointed by the end of September. All the AFMs contacted by The NED said that they have made their appointments but some also added that these appointments have not yet been approved by the FCA. This confirms what many people have known for sometime: many AFMs left their independent director selections very late.

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The NED is developing a three-dimensional rating system for independent fund directors. Prior to launching these ratings, it is undertaking a wide-ranging consultation with investors, managers and fund directors.

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