Question to the HM Treasury:

To ask Her Majesty's Government what plans they have to increase minimum capital requirements for fund managers managing Undertakings for the Collective Investment in Transferable Securities funds and other open-ended funds.

This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The FCA Handbook outlines the rules on the capital requirements for UCITS management firms, which are derived from the EU UCITS Directive. These requirements can be found in Chapter 11 of the Interim Prudential Sourcebook for Investment Business. If there was to be any policy decision by the FCA to change these rules in the future, that would be subject to the FCA’s relevant governance process, including a public consultation.