UK independent directors: coming soon

The timetable for the FCA’s reforms for UK Authorised Fund Managers (ACMs) will be known in early April. The FCA will require AFMs to have a minimum of two independent directors with at least 25% of the board being independent.

On March 23 the FCA announced that its Board has now approved the final rules. It says that the resulting policy statement and changes will be published in its Handbook on April 5. The FCA adds that there will also be clarity of the timetable for the next stages.

The NED understands that what the FCA will announce will be very much inline with previous statements that it has made on this matter. As this is a lot more to this than just requiring independents to be AFM boards we have decided publish highlights in this issue of what the FCA plans to do and why it says that it is doing it.

For more on this story see the March issue of The NED.