Britain To Speed Fund Approval

Oct 30 2013 | 10:06am ET

The U.K. will speed its approval time for UCITS products, aiming to attract managers who might otherwise choose another domicile.

The approval period for UCITS funds will be cut from six months to two in April, the Financial Conduct Authority said. The regulator said it hopes to actually make its decision within six weeks on 90% of applications, and in 2015 will cut the waiting period to just one month.

Other funds will see their approval times cut in half, to three months, with a reduction to two months in 2015.

The moves are designed to help the U.K. compete with long-standing European fund centers like Ireland and Luxembourg.

"They have been faster than our current system," FCA supervision director Clive Adamson said today. "We don't want the U.K. to be disadvantaged in terms of approval times. I'm trying to make London more attractive."

"We are not lowering our standards," Adamson continued. "We are just applying more resources."

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