UK’s FSA takes issue with misselling and market timing
London -- The investment management industry in the UK is under fire from the Financial Services Authority (FSA) on a number of fronts at the moment.
First, the market-timing abuses that have grabbed headlines in the US also seem to have occurred in the UK, according to the regulator. Results of the FSA’s investigations are expected at the end of January. The regulator has also just published a new set of rules that outline how firms may advertise their past performance -- the regulator has long been concerned that funds fudge their results to make themselves appear to be better performers than they actually are. And, on top of all of this
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