RE:UK response to FCA CP26/16 Registration of Authorised Fund Assets

We have submitted our response to the FCA’s consultation on CP26/16: Registration of Authorised Fund Assets. The requirement for depositaries to hold legal title to certain real estate assets has exposed them to risks arising from recent legislation that fall outside their intended scope. While we recognise that this issue needs to be addressed, we do not believe the FCA’s proposed solution is the right approach. In our view, a robust, long-term solution can only be achieved through changes to primary legislation.