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.
Notes to editors
- Read DP23/2: Updating and improving
the UK regime for asset management
