No mention of Odey or Woodford in FCA annual report
Four skilled persons reviews within asset management and alternatives portfolios were carried out over the year to 31 March 2023.
When the FCA announced the potential settlement of up to £235m alongside the deal with Link Group and Link Fund Solutions in April, it stated it would provide an update on the scheme in July.
FCA to 'further clarify' non-financial misconduct guidance
The annual report published yesterday (20 July) made no mention of the Woodford investigation, nor the proposed redress scheme.
Similarly, six weeks into the Crispin Odey scandal, the regulator made no mention of its regulatory activity around Odey and his company Odey Asset Management, despite confirming last month it has been investigating both since 2021.
On the regulatory front, the FCA said it conducted «at least» 23 enforcement cases into principal firms in the 12-month period. The cases resulted in findings of misconduct related to appointed representatives.
Additionally, four skilled persons reviews within asset management and alternatives portfolios were carried out over the year to 31 March 2023.
«These reviews focused on testing governance, systems and controls, including onboarding and monitoring of appointed representatives,» the FCA said in its annual report.
Within the asset management sector, the FCA said it had focused on setting out its priorities alongside building on its existing work on value and ESG.
National Audit Office to scrutinise FCA as its responsibilities grow
A greater focus was given to liquidity management in non-banking financial institutions, it said, following the economic turmoil of the Mini Budget in September 2022. This resulted in working with the Bank of England and overseas regulator to increase
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