The UK’s Financial Conduct Authority (FCA), the London-based regulator, announced that its Annual Public Meeting (APM) will be held in Edinburgh for the first time on October 6, 2026, “marking an important milestone for us a UK-wide regulator.”
The FCA was widely criticised recently for its perceived lack of action amid the successful attack on the Baillie Gifford-managed £860 million Edinburgh Worldwide Investment Trust plc (EWIT) by New York hedge fund activist investor Saba Capital.
The Association of Investment Companies (AIC) had urged the FCA to tighten UK Listing Rules after Saba Capital exposed “gaps” in protections for shareholders of investment trust companies.
Edinburgh Worldwide chair Jonathan Simpson-Dent warned that “retail investors deserve better safeguards from activist campaigns.” Simpson-Dent said investment trust companies remain “vulnerable to sustained campaigns from activists.”
He said: “The current regulatory framework warrants closer scrutiny, and there are practical steps that could be implemented relatively easily that would be in the interests of all shareholders …
” … the regulatory framework should provide clearer definitions and stronger safeguards around board independence, conflicts of interest and related-party transactions, to prevent outcomes that undermine the spirit of shareholder democracy.”
Simpson-Dent warned that the UK’s entire £261 billion investment trust sector is at risk from activists after Saba Capital succeeded in replacing the entire board at EWIT.
The FCA said: “The announcement coincides with a visit to Edinburgh on 26 May by our chair Ashley Alder, who was there to open a new office space, demonstrating our commitment to growing our presence in Scotland, and expanding our workforce of more than 350 colleagues.
“Edinburgh continues to strengthen its position in global financial centre rankings, underlining Scotland’s importance to the UK’s financial services sector and its international competitiveness.
“The decision to host the APM in Edinburgh reflects our ongoing investment in Scotland and our commitment to serving consumers and firms across the whole of the UK. The APM will take place at the Assembly Rooms and will be a hybrid event, with people able to join online as well as in person, helping to widen participation.”
FCA chair Ashley Alder said: “Bringing our Annual Public Meeting to Edinburgh for the first time is a deliberate step to strengthen our visibility and accountability right across the UK.
“Scotland is a critical part of the UK’s financial services sector, and as we continue to grow our presence here, we want to be closer to consumers and the firms we regulate. Holding the APM in Edinburgh, reflects our focus on being more outward-facing, more engaged, and better connected to the markets we serve.”
Investment Association CEO Chris Cummings said: “Edinburgh has a long heritage as a leading centre for financial services, including investment management, and it’s great to see that recognised as the city hosts the FCA’s Annual Public Meeting. This is the first time the meeting has been held outside London, underlining both Edinburgh’s importance to the financial services sector and the FCA’s role as a UK-wide regulator.”