FCA Seeks Views on Updating Asset Management Regulation

The Financial Conduct Authority (FCA) is seeking views on what regulatory change might help the UK’s asset management industry innovate, better support the investors it serves and boost competition.

The UK is a leading centre for asset management, with over £11 trillion of assets managed by UK firms. The Future Regulatory Framework provides an opportunity for the FCA to look to improve asset management regulation with a more modern and tailored regime, better meeting the needs of UK markets and consumers. The FCA will make sure any changes are consistent with international standards and enable technological development and innovation.

Today’s paper from the FCA covers a wide range of ideas, including how it can support firms’ use of technology to improve customer experience and efficiency. It also discusses how the FCA’s rules could be streamlined and improved to help firms deliver better support to investors, retail and wholesale, UK-based and international.

Camille Blackburn, Director of Wholesale Buy-Side, said:

“The UK has an opportunity to update and improve the UK regime for asset management.

“We want to hear from a wide range of voices about how we can enhance the existing standards and what we should prioritise to bring the most benefits to consumers, firms and the wider global economy.

“Given the UK’s leading role as a centre for asset management, we want to make sure our rules are fit for the future. We want a UK wholesale market which supports the economy and is open to innovation, while remaining consistent with high standards of consumer protection and market integrity.”

The regulator has not cemented any new proposals at this stage. It aims to promote further discussion and listen to stakeholders’ views about what it should prioritise.

In line with its three-year strategy, the FCA continues its work to promote market excellence and competition across financial markets.