The Financial Conduct Authority (FCA) is planning a drastic makeover of the UK’s asset management industry, it revealed this morning.
The regulator’s far-reaching study into practices in the £7 trillion ($16.9 trillion) investment market began nearly two years ago. Today’s proposal includes a controversial and much-derided all-in fee including trading costs, far more transparent costs and charging structures and new governance standards.
Unveiling its findings this morning, chief executive Andrew Bailey espoused the importance of the sector to the UK economy, adding that competition is needed.
“We have listened carefully to the feedback we received in response to our report last November,” he said. The new package of reforms will make competition work better and help both retail and institutional investors make their money work well for them, he added.
The regulator published an interim report last November,...