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Saturday, 27 June 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

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Top Story/Regulation

FCA proposes conflict-of-interest rules for London investment trusts and sets out retail customer engagement expectations for stockbrokers and trading platforms

The Financial Conduct Authority (FCA) published two separate regulatory proposals on Friday targeting the London Stock Exchange-listed investment trust sector and the retail investment platform market. On investment trusts, the FCA proposed rule changes that would manage conflicts of interest in situations where a substantial shareholder of a listed investment trust seeks to become a director while holding a financial interest in the trust — a scenario that can arise when large shareholders seek board representation to influence strategy. On retail customer engagement, the FCA set out its expectations for how stockbrokers, investment platforms, and trading apps should interact with retail customers, including enabling them to exercise shareholder voting rights. The retail engagement guidance targets the growing population of retail investors using digital platforms, where the FCA has expressed concern that customers are not routinely offered the ability to vote on corporate resolutions as shareholders. The two publications reflect the FCA's continuing focus on consumer duty — the regulator's overarching framework requiring firms to deliver good outcomes for retail customers — and on governance standards in the listed investment company sector, which has faced scrutiny over board composition and fee structures in recent years.

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Disputes

New York court dismisses as 'woebegone' a challenge to a $71m arbitration award in the Tupi dispute

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M&A

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“PE carve-outs in consumer sectors keep M&A practices busy even when headline deal volumes are flat.”

Bigger Picture

Sector Watch

FCA Retail Governance Push

The FCA's twin publications on Friday — conflict-of-interest rules for London-listed investment trusts and retail customer engagement expectations for platforms and trading apps — signal a sustained regulatory offensive on governance and consumer outcomes in the listed investment and retail brokerage sectors. Both measures sit within the FCA's Consumer Duty framework and will require compliance teams at investment trusts, platforms, and stockbrokers to conduct gap analyses before implementation. Watch for further FCA guidance on closed-ended fund governance and shareholder voting infrastructure through Q3 2026, as the regulator continues to operationalise Consumer Duty obligations across the retail investment chain. Firms with strong FCA advisory and financial regulation practices — particularly those advising listed fund managers and digital investment platforms — should expect a steady flow of compliance mandates in the second half of the year.

One to Follow

A&O Shearman's ongoing partner attrition — now 17 departures in 2026 — as Weil Gotshal and other US firms absorb talent from the post-merger Magic Circle firm

The pace and seniority of departures will test whether A&O Shearman can sustain its market position in high-growth practices like fund finance and M&A, directly affecting which firms win the largest London mandates. Banking & finance, funds, and corporate M&A practice groups at both departing and receiving firms will feel the impact most acutely, and the trend shapes the lateral hiring landscape that law students entering the market in 2026–27 will face.

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