The UK Financial Services Authority (FSA) is planning to relax certain rules concerning hedge funds in a bid to attract more offshore based funds back to Britain where it feels investors are better protected, according to a Financial Times report.
However, whilst the FSA is cutting requirements for offshore funds in a bid to woo them back to the UK, it is not planning to soften rules that prevent hedge funds from selling directly to UK customers, and UK based funds will continue only to be used primarily as an investment vehicle for institutions and wealthy investors.
Nevertheless, the FT report stated that the FSA is considering expanding access to the hedge fund industry during particularly severe market downturns to enable investors to diversify and increase choice.
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