January 11, 2020 / 12:20 PM / 7 days ago

UK's FCA reviews authorized corporate directors after Woodford collapse

(Reuters) - Britain’s financial markets watchdog is reviewing the effectiveness of so-called host authorized corporate directors (ACDs) after the collapse of British money manager Neil Woodford’s 3 billion pound ($3.9 billion) equity income fund.

“We have begun a review of the effectiveness of fund governance standards at firms that act as so-called ‘Host Authorized Corporate Directors’ for asset managers,” the Financial Conduct Authority (FCA) said in a statement on Saturday.

ACDs are meant to ensure fund managers stick to their investment mandates and follow the rules.

($1 = 0.7658 pounds)

Reporting by Kanishka Singh in Bengaluru; Editing by Alexander Smith

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