Several employees at Legal & General Investment Management have reported the UK’s biggest fund house to the Financial Conduct Authority, accusing the $1tn asset manager of series of compliance and risk failures that potentially cost its clients millions of pounds.
The complaints, which were all submitted to the FCA in recent weeks under whistleblower rules, shine a spotlight on the internal workings of the country’s biggest asset manager and raise questions about the robustness of its risk processes.
At least three LGIM employees have alleged there is a poor risk culture that starts from senior management in the active asset management arm of Legal & General, the FTSE 100-listed insurer.
“I feel obligated to report these issues now because I feel the risk culture of LGIM…
