Tepo Din and Tony Woodcock, Stephenson Harwood

Despite these turbulent times, the FSA has indicated that it will not tolerate any lowering of regulatory standards. When things turn sour for investors, they look to the regulator as a means, formally or informally, of recovering compensation or punishing those believed to be at fault. After its mauling before the UK treasury select committee, the FSA will be keen to show its mettle. In these circumstances regulated hedge fund managers, as well as others, have a need for guidance on how to keep