Last year, the problems of allowing investment funds to engage in daily dealing came to the fore, with the high profile collapse of Neil Woodford’s Equity Income Fund and M&G’s property fund banning redemptions.

In both these cases, it was the illiquid assets held in these funds that caused problems.

The Bank of England released a Financial Stability Report highlighting the issue of illiquid assets in funds and the FCA is expected to release guidelines this year as to how to avoid the problems of 2019.

However, reports have emerged that the UK’s financial regulator does not hold a record of the numbe...