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…

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