The Financial Conduct Authority (FCA) has set out areas it will focus on in its study of competition in asset management and the initiative seems to have been well received.
EY’s Gill Lofts, the UK head of wealth and asset management thinks it’s timely due to the importance of the asset management sector to the UK economy. She says that it is fundamental that the industry’s integrity and reputation remains robust.
“The hope for this FCA review is that the focus lies squarely with helping to create better outcomes for consumers saving for their retirement, and is not an exercise of gold plating the regulation of asset managers in the UK,” says Loft.
The asset management trade body, the Investment Association (IA), is also pleased with the FCA’s plans. Guys Sears, interim chief executive officer of the IA, says that he welcomes the FCA’s decision, as it is also crucial to consider the role of distributors and investment consultants in delivering the best outcome for clients.
Christopher Woolard, director of strategy and competition at the FCA, sets out the purpose of the study.
“Our market study aims to ensure that both retail and institutional investors can get value for money when purchasing these services – which we expect to further strengthen the UK’s position as a major centre for asset management,” says Woolard.
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