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Britain sets out marketing rules for EU investment funds in the UK

2023 12 04T102046Z 1 LYNXMPEJB309R RTROPTP 4 AMIGO HOLDINGS TAKEOVER - Global Banking | Finance

Britain sets out marketing rules for EU investment funds in the UK

By Huw Jones

LONDON (Reuters) -Britain proposed on Monday permanent, post-Brexit rules for investment funds from the European Union that want to continue marketing themselves to retail investors in the UK, including spelling out limitations to compensation.

After Britain left the EU, it gave temporary permission for EU-based investment funds known as UCITS to continue taking UK customer cash until a permanent set of UK rules on market access for overseas funds is put in place in the first half of 2024.

The rules set out the information overseas funds will have to provide to the Financial Conduct Authority if the UK finance ministry decides that EU fund rules are “equivalent” or robust enough to grant market access.

The government has already indicated that UK investors in overseas funds won’t be eligible for any compensation from Britain’s Financial Services Compensation Scheme.

“Overseas funds will need to make it clear when these customer protections are not available. This will help consumers to make informed decisions about which funds best meet their needs,” the FCA said in its proposals for public consultation.

Britain is expected to allow EU-based funds, many of them listed in Dublin and Luxembourg and managed from London, to continue serving UK clients, given it continually stresses the City’s openness as a global financial centre.

Most overseas funds on sale in Britain are from the EU, and EU funds make up a large portion of funds invested in by UK retail customers.

Asset managers, however, worry about additional requirements the ministry may impose on EU funds in return for UK market access, such as a mandatory value assessment.

The FCA is cracking down on valuations in private assets to ensure they properly reflect the impact of higher interest rates.

(Reporting by Huw Jones; Editing by Toby Chopra and Sharon Singleton)

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