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The FCA’s Assessment of Value (AoV) rules came into force in September 2019 and all authorised Fund Managers have now published at least one annual value assessment.
Unfortunately, when the regulator subsequently carried out a review of the implementation of AoV it found that “most of the AFMs we reviewed had not implemented AoV arrangements we expect to be necessary to comply with our rules. Many had not implemented assessments meeting the minimum consideration requirements and several practices fell short of our expectations.” The FCA also concluded that a significant portion of independent directors “did not provide the robust challenge we expect from them and appeared to lack sufficient understanding of relevant fund rules”.
As a result, and given the FCA’s focus on Consumer Duty, firms are going to be under increased scrutiny in this area. It is important to understand the scope of the regulation, who is responsible for what and how to ensure oversight and implementation of recommendations. This is a key priority for the FCA and it is important for firms and individuals to understand their obligations and responsibilities in this area.
Attending this focused half day course will help you:
Anyone involved in or responsible for product oversight in Authorised Fund Management firms, including ACDs, senior managers, board directors, Compliance and Product managers.
Course Agenda
Topics covered may include but are not limited to:
AoV: update and overview
AoV and Consumer Duty
Categories of Assessment
Reporting
Best practice
Key Roles and rResponsibilities
Implementation of Recommendations