The U.K.’s Financial Conduct Authority (FCA) has released a report (Report) that offers remedies for perceived shortcomings in the accuracy and fairness of asset valuations. The Report presents data from a two-phase study of investment advisers operating under the FCA’s purview, including U.K.‑based fund managers and U.K. entities subject to the Markets in Financial Instruments Directive. In the FCA’s view, many investment advisers have a long way to go when it comes to keeping valuations independent of investment management, properly adjusting valuations when appropriate, making necessary disclosures and adhering to standards of transparency and fairness in valuations. Not all the Report’s findings are negative, however. The Report also affirms the soundness of some valuation practices and the integrity of many of the entities surveyed. This article summarizes key takeaways from the Report for closed-end fund managers, including concrete proposals offered by the FCA to boost the transparency and reliability of valuation policies and practices. The article also offers commentary on the Report’s findings from interviews conducted with U.K. regulatory experts. See “SBAI Introduces New Standards and Accompanying Guidance on Valuing Illiquid Assets” (Apr. 3, 2025).