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Fund Managers Want New Watchdog To Punish Bad Bosses

Law360, London (June 14, 2018, 2:19 PM BST) -- A trade body representing U.K. investment managers has called on the government to create a single regulator with the power to punish negligent directors of financial services firms and other businesses.

The Investment Association, whose members manage more than £6.9 trillion ($9.2 trillion) of investments, has urged the government’s Department for Business, Energy and Industrial Strategy to end the “fragmented” system in which multiple watchdogs investigate claims of bad practice and issue company directors with penalties.

The IA wants the government to establish a new authority that...
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