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.
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.