The Investment Association has updated guidance for UK authorised corporate director and unit trust managers on authentication requirements for electronic instructions.
Title to units in UK-authorised unit trusts, authorised contractual schemes and open-ended investment companies may be transferred on the strength of electronic instructions provided that the unit trust manager or authorised corporate director takes reasonable steps to ensure that the communication is genuinely given by or on behalf of the unitholder. In September, the Investment Association published an update on its guidance on reasonable steps for the use of electronic signatures. The FCA has confirmed the new version of this industry guidance. Click here for a link to the FCA webpage continuing the update guidance.
