Financial Conduct Authority
FCA issues guidance following property fund suspensions
The FCA has recently issued guidance after the decision by a number of funds to announce the temporary suspension of trading in their property portfolios and feeder funds.
The guidance reminds fund managers of their obligations to investors and outlines the FCA’s expectations in relation to the suspension of dealings in their funds.
As Andrew Bailey, FCA Chief Executive, said at the Financial Stability Report press conference on Tuesday 5 July, the ability to suspend is built into the structure of these funds. The purpose is to create a pause to allow an orderly process of revaluation to happen without differential treatment of investors.
The FCA has been in close contact with these funds for some time. The decisions to suspend have been taken by the fund managers in accordance with their internal governance arrangements and in close cooperation with their depositories.
The FCA will continue to liaise with the funds as they keep the situation under review.
Notes to editors
- Read the guidance.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the PRA. On 1 April 2014, the FCA took over responsibility for consumer credit regulation.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Ruth Wharram: 020 7066 3262
Latest News from
Financial Conduct Authority
Mohammed Zina sentenced to 22 months in prison for insider dealing and fraud16/02/2024 16:20:00
Following a sentencing hearing at Southwark Crown Court, Mohammed Zina, 35, was today sentenced to 22 months in prison for insider dealing and fraud.
Convicted illegal money lender imprisoned for failing to pay confiscation order16/02/2024 15:25:00
Illegal money lender, Dharam Prakash Gopee (70), has been sentenced to almost 8 years in prison for failing to pay a confiscation order.
Mohammed Zina found guilty of insider dealing and fraud15/02/2024 16:15:00
Mr Mohammed Zina was today found guilty of six offences of insider dealing and three offences of fraud following a 12-week trial at Southwark Crown Court brought by the Financial Conduct Authority (FCA).
Financial watchdog stops thousands of misleading ads and promotions14/02/2024 15:05:00
Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority (FCA), an increase of 17%, year-on-year.
Four men under investigation on suspicion of multiple offences14/02/2024 14:05:00
The FCA and National Crime Agency (NCA) conducted a major operation to arrest 3 London based individuals.
FCA bans and fines Floris Jakobus Huisamen over London Capital & Finance plc financial promotions13/02/2024 11:10:00
The FCA has fined a former director of London Capital & Finance plc (LCF) £31,800 and banned him from working in financial services.
GAP insurers agree to suspend sales following FCA concerns over fair value09/02/2024 16:10:00
The Financial Conduct Authority (FCA) has today announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance, following a request from the FCA.
Individual charged with fraud over unauthorised investment scheme23/01/2024 14:15:00
The Financial Conduct Authority (FCA) has launched criminal proceedings against Guy Flintham for committing fraud by false representation and for carrying out regulated activity without authorisation.
Duty calls: Future-proofing finance for everyone03/01/2024 13:20:00
Now into the second year of its 3-year strategy, the FCA has outlined some key achievements and milestones from the last 12 months, including the game changing introduction of the Consumer Duty, which came into force on 31 July 2023.