The Financial Conduct Authority is seeking views on regulatory changes that might help the UK’s asset management industry, as well as better supporting the investors it serves and boosting competition.
The UK has more than £11trn of assets managed by UK asset management firms.
The regulator has released a paper today covering a wide range of ideas, such as how it can support firms’ use of technology to improve customer experience and efficiency.
The paper 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.
The FCA said it will make sure any changes are consistent with international standards and enable technological development and innovation.
Camille Blackburn, the FCA’s director of wholesale buy-side, said: “The UK has an opportunity to update and improve the UK regime for asset management.”
She said the regulator wants to hear from a wide range of voices about how it can enhance the existing standards and what it should prioritise to bring the most benefits to consumers, firms, and the wider global economy.
She said: “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 said it has not cemented any new proposals at this stage but added it will make sure any changes are consistent with international standards and enable technological development and innovation.
It aims to promote further discussion and listen to stakeholders’ views about what it should prioritise.
It has asked for views by 22 May 2023. It wants financial advisers, asset managers and other interested parties to respond online here
