The FCA cut the time taken to authorise funds by 50 per cent between 2013 and 2016, according to the Government’s second investment management strategy paper, published today.
In the first investment management strategy paper, published in 2013, the Government pledged to work with the industry and the FCA to “ensure a responsive regulatory environment for UK domiciled funds”, which led to the FCA reviewing its fund authorisation process.
As a result of the review, the FCA reduced the time taken authorise UK funds by half, with Ucits funds authorised within six weeks on average and two months the maximum lead time.
Following the Government labelling the partnership rules for investment funds “archaic”, a legislative reform order came into effect in April this year and with it the introduction of a new type of limited partnership for investment funds.
This has led to 181 funds being established as a Private Fund Limited Partnership, which have reduced administrative and compliance burdens. Of these 96 were new funds and the remainder existing investment funds previously structured as limited partnerships.