FCA Seek Input Ahead of Regulation Update in Asset Management

The Financial Conduct Authority (FCA) are seeking views from the asset management industry as they review regulation. At current, the asset management industry is still regulated by retained EU laws, which the FCA now have the authority to update under the future regulatory framework. 

In a press release the FCA said: "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." 

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." Camille added. 

The FCA have also released a paper outlining how the FCA rules could be streamlined as well as the support it can offer to firm using technology to better their customer experience, along with a range of other ideas. You can read more from the FCA and find a copy of the paper here 

 

Posted March 9, 2023 by Kimberley Moreno

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