FCA announces proposal to enhance regulations for UK’s asset management industry
“”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 Financial Conduct Authority 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 financial watchdog announced.
The regulator released a paper covering a wide range of ideas, including how it can support firms’ use of technology to improve customer experience and efficiency.
The document 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.
“We want to make sure our rules are fit for the future”
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 prioritize 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.”
With over £11 trillion of assets managed by firms in the United Kingdom, the country is a leading centre for asset management, but the FCA believes it is possible to establish a more modern and tailored regime for the asset management industry that can better suit the needs of UK markets and consumers.
The FCA reminded that any changes to the UK’s asset management regulation must be consistent with international standards and enable technological development and innovation.
The quest for an enhanced regulatory regime for the asset management space is in line with the FCA’s three-year strategy as it works to promote market excellence and competition across financial markets.
