13 December 2019
MIS custody arrangements thematic review 2019
For any managed investment scheme it’s important that scheme property – money and investments – is kept safe. The function of looking after scheme property is called custody. Under the Financial Markets Conduct Act 2013 (FMC Act), custody for retail managed investment schemes is the responsibility of the independent licensed supervisor. This separates custody functions from management of the scheme, and provides an additional layer of protection for investors.