FCA fines retail investment management firm for failings relating to fund management

In this report, Allen & Overy considers the Financial Conduct Authority’s (FCA’s) decision to fine Invesco Asset Management and Invesco Fund Managers (together, Invesco Perpetual) £18,643,000 for failings relating to fund management and for exposing investors to greater levels of risk than they had been led to expect.

Invesco Perpetual is a large fund management business that is located in the UK. As at 31 December 2013, it had assets under management totalling approximately £71bn, of which approximately 75 per cent were held in retail funds.

On 28 April 2014, the FCA issued a final notice (dated 24 April 2014) that set out its findings in respect of Invesco Perpetual. The FCA found that for some or all of the period May 2008 to November 2012, Invesco Perpetual breached Principle 3 (management and control) and Principle 7 (communications with clients) of the FCA’s Principles for Businesses (PRIN), as well as certain rules in the FCA’s Collective Investment Scheme sourcebook (COLL) in connection with its fund management activities…

Click on the link below to read the rest of the Allen & Overy briefing. 

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer

Overview

One Bishops Square
London
E1 6AD
UK
http://www.allenovery.com

Turnover (£m): 1,234.30
No. of lawyers: 2,194 (UK 200)
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 273 (International 50)