In January 2017 the Department for Business, Energy and Industrial Strategy issued a call for evidence in relation to Limited Partnerships, and particularly those registered in Scotland as they have been made aware of concerns that aspects of their legal characteristics may act as enablers for criminal activity.
NCM has been heavily involved in the consultation paper both meeting with the Dept. and attending forums in Edinburgh where industry practitioners have given their views. NCM feel very strongly that the unique nature of the Scottish Limited Partnerships makes them a fundamental building block in many UK fund structures and to lose this flexibility could put the UK funds industry at disadvantage when it is trying to prevent erosion due to Brexit and other factors. NCM submitted a detailed response to the consultation and is continuing with the Department to provide any other assistance they can.