Speaking at the regulator’s Asset Management Conference in London, director of supervision Clive Adamson confirmed that from April 2014 it is targeting 90% of Ucits schemes being approved within six weeks of the funds being submitted by asset managers.
At the same time, it has committed to reduce the timeframe for retail-focused non-Ucits funds to three months, and Qualified Investor Schemes to two months. From 2015, the aim is to reduce these timescales further to two months and one month, respectively.
The UK has long found itself up against Ireland and Luxembourg in accommodating asset managers’ business, with both jurisdictions offering competitive infrastructure and advantageous tax regimes.
“We want to strike the right balance between maintaining a proportionate and measured regulatory approach and encouraging opportunities, so that we continue to enhance the UK’s position as a global leader in this important industry,” Adamson said.
“We believe this is in line with our commitment to support this key industry and make the UK an attractive jurisdiction to do business in.”
Adamson also echoed FCA head Martin Wheatley’s pronouncements about maintaining the global reach of asset managers.
“It is a sector where the UK is recognised as a leading player, serving millions of customers around the globe, contributing around 1% of UK GDP and employing tens of thousands of people across the UK,” he said.
“It is also both a promoter of savings products, key in a society that doesn’t save enough, and an investor of £5tn in the UK and global economy. This is why we have been supporting the Treasury to strike the right balance between maintaining a proportionate and measured regulatory approach and encouraging opportunities so that we continue to enhance the UK’s position as a global leader in this important industry.”
