A new study by PricewaterhouseCoopers identifies oversight of third-party service providers as the latest challenge for mutual fund company boards.

"Operating in a market that is heavily dependent upon service providers and that has faced some 1,300 enforcement actions with $5 billion in fines, penalties and disgorgement in the past two years, mutual fund directors must ask the right questions," said Tony Evangelista, a PricewaterhouseCoopers partner and head of regulatory compliance the firm's investment management industry group.

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