The Financial Conduct Authority (FCA) wants ideas from the industry about how asset managers could innovate, support investors and boost competition.
A discussion paper also talks about how the FCA’s rules could be streamlined and improved to help firms deliver better support to retail and wholesale investors, including investors internationally.
Called the ‘Future Regulatory Framework‘, the discussion paper aims to improve asset management regulation for UK firms that collectively manage over £11 trillion of assets.
The regulator said it aspires to bring a modern regime tailored to the UK’s market and consumer needs, including technological development and innovation.
Camille Blackburn, director of wholesale buy-side at FCA, made the announcement and said: “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 UK market regulator is open to hearing from a broad range of voices about how the regulator can enhance the existing standards and what should be prioritised to bring the most benefits to consumers, firms and the wider global economy.
The FCA has not executed any proposals at this stage.
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