UK regulator has never rejected a fund launch application since inception

The Financial Conduct Authority (FCA) has never rejected an application to launch a fund, a freedom of information request from International Investment's sister title Investment Week shows.

According to the regulatory body, which first came into force in April 2013, it has not "formally refused any new scheme authorisation applications" in any given year since inception.

The FOI was filed following recent confirmation that the FCA had not rejected a fund application in the last five years, despite the fact its head of asset management supervision Nick Miller wrote an open letter in July warning of the "poor quality" of ESG fund launch applications being received.

Over the last half-a-decade, the FCA received 296 applications, 250 of which were approved while 46 were withdrawn by the fund managers themselves.

Similarly, out of 263 fund applications made between the beginning of 2013 and the end of 2016, 38 were withdrawn and 225 were approved.

The FCA press office has been contacted for comment.

First published by our sister title Investment Week