UK financial industry figures have urged the Financial Conduct Authority to intervene over what they describe as repeated and disruptive board challenges by Saba Capital targeting British investment trusts, according to a report by This Is Money.

The US activist hedge fund recently launched a third attempt to remove the board of Edinburgh Worldwide Investment Trust, despite shareholder opposition to two previous votes. The latest move comes less than two weeks after Saba’s most recent proposal was rejected.

The hedge fund, led by founder Boaz Weinstein, has previously sought to replace EWIT’s directors and in its latest proposal is pushing for the election of three new "qualified" and "fully independent" directors – Gabriel Gliksberg, Michael Joseph and Jassen Trenkow – and for shareholders to reject the re-election of the incumbent directors.

The Association of Investment Companies has called on both the Financial Conduct Authority and the UK Government to act, warning that current legislation allows a single shareholder to bring forward the same proposals multiple times, even after they have been decisively rejected.

AIC chief executive Richard Stone said the existing framework leaves boards exposed to “repetitive attacks” that create unnecessary cost and distraction for other shareholders. He argued that limits should be imposed on how often similar resolutions can be tabled, and that proposed director candidates should be subject to greater investor scrutiny.

Stone also called for reforms to improve voting access for retail investors, particularly those holding shares through investment platforms, and for safeguards to prevent large funds from forcing through changes that may not reflect broader shareholder interests.

A Government spokesperson said directors and shareholders already have the power to decide what is in the best interests of their companies and confirmed that officials will continue working with the FCA to ensure investment trusts are well governed. The FCA declined to comment directly but is understood to be aware of the concerns raised.