FCA sets out next steps to improve competition in the UK’s asset management industry

Introduction On 5 April 2018, the FCA published its latest documents in response to the concerns it previously identified in its asset management market study. The documents comprise: Policy Statement 18/8: Asset Management Market Study remedies and changes to the Handbook – Feedback and final rules to CP17/18 (PS18/8); Consultation Paper 18/9: Consultation on further remedies – Asset Management Market Study (CP18/9); and Occasional Paper 32 – Now you see it: drawing attention to charges in the asset management industry (OP32). PS18/8 PS18/8 follows Consultation Paper 17/18: Consultation on implementing asset management market study remedies and changes to Handbook (CP17/18) (our blog is here) and sets out feedback and final rules and guidance. Governance proposals In CP17/18 the FCA consulted on proposals to strengthen and clarify an authorised fund managers’ (AFMs) duty to act in the best interests of fund investors. Specifically, the FCA said that…

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