On 19 May 2014, the Association of British Insurers in the UK (the ABI) published an updated version of its Guide to Good Practice for Unit-Linked Funds. The updates reflect findings of the FCA's October 2013 thematic review on the governance of unit-linked funds (see the October 2013 issue of Tracker) which identified a need for clarity on deemed good practice. Key areas of focus include proper (a) oversight of outsourcing by firms and (b) identification and rectification of errors. The ABI states that all firms operating unit-linked funds in which their unit linked policies invest should 'aspire' to follow the guidelines and that the FCA supports this initiative. The ABI expects that, by 31 December 2014, firms should have reviewed their operations and begun the process of complying with the Guide. The ABI states that non-compliance will need to be explained to the FCA.