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Financial Services: Directors

Question for Treasury

UIN HL14793, tabled on 12 April 2021

To ask Her Majesty's Government what plans they have to review the statutory (1) role, and (2) responsibilities, of authorised corporate directors following the performance of Link Financial Solutions in the collapse of Woodford Investments.

Answered on

26 April 2021

The Government is committed to ensuring that the UK has a robust framework for financial regulation and that consumers are treated fairly. The FCA is responsible for overseeing the conduct standards of financial services firms.

The Government does not currently have plans to review the statutory role of authorised corporate directors (ACDs). However, the FCA is currently reviewing how effectively responsibilities are undertaken by ‘host’ ACDs – which are ACDs outside the group structure of the delegate investment manager. The FCA expects to complete this work in the first half of this year.

Answered by

Treasury