The Financial Conduct Authority unveiled listing‑rule tweaks that will bar significant shareholders who also manage a closed‑ended fund from voting on their own appointments. The move follows a string of hostile takeovers by Saba Capital, whose founder Boaz Weinstein wrestled control of two FTSE 250 trusts. The regulator says the changes close the gap exposed by these activist wins, protecting shareholders in the investment‑trust sector.

Saba ousted the boards of Edinburgh Worldwide Investment Trust and Impax Environmental Markets after building sizeable minority stakes and branding the trusts as under‑performing. It then pushed its new directors to replace the asset managers, a move that could hand control to Weinstein’s own firm or an affiliate. The FCA says the rule shift will apply in such circumstances, curbing conflict of interest.

The Association of Investment Companies praised the proposal, saying it strengthens investor protection when a large shareholder seeks to replace the board and become the manager. Industry voices welcomed the targeted approach, noting it preserves shareholder engagement while tightening conflict safeguards. The FCA invites comments until August 14 and plans to publish final rules by year‑end, a move that will reshape governance in the UK trust market.