FCA imposes conditions on CiC

On 12 September, FCA announced that it has imposed conditions on a proposed change in control. Dye & Durham is looking to take over the Link Group, which involves the acquisition of 7 FCA-authorised firms. One of the firms, Link Fund Solutions Ltd (LFS), managed the LF Woodford Equity Income Fund.  Following the fund’s suspension, FCA carried out an investigation and is likely to fine LFS and/or require consumer redress. The redress may amount to over £306m. Although the amount of any fine or redress is not yet final, FCA has decided to approve the acquisition of LFS subject to a condition to make funds available to meet any shortfall within the firm on the amounts that will be needed for any redress payments. It has approved the acquisition of the other 6 firms without condition.