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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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The assessment of value reports that UK AFMs are required to submit, from October onwards, will determine whether the FCA has been successful in the goals that it has set itself for its fund governance reforms.

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The NED is stepping up its campaign to improve transparency in fund governance. In our view making various fund governance practices more transparent would be the fastest, simplest and easiest way of improving standards. And it wouldn’t cost any time or money.

But it would, in particular, be of help to investors
– particularly those investors that do not have the resources, knowledge or time to undertake their own detailed investigations into fund boards or independent directors.

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ESMA has just published its Trends, Risks and Vulnerabilities (TRV) report for 2019. The report says that there is a deteriorating outlook for the asset management industry and continued very high market risk.

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