Richard Small

I would expect that the FCA will take a hard look at Link's role in this affair, they will be asking themselves whether this is another case of firms taking an overly technical tick-box approach to regulation without proper regard for the spirit and intention of the rules.

The ACD's role is very much behind the scenes from most retail investors' perspective, but is nonetheless crucial - they play a major part in ensuring that the fund complies with the FCA's rules.