PIMFA
What is the Asset Management Review?
In DP23/02, the FCA outlines the current UK regime for regulating asset managers of all kinds and outlines some ideas for how the regime could be modernised to improve outcomes for consumers and to support the UK’s position as a world-leading centre for asset management.
The review is taking place against the backdrop of the Financial Services and Markets Bill which will result in firm-facing regulatory requirements that currently sit in on-shored EU legislation moving to the FCA Handbook.
Why is the Asset Management Review important for retail firms?
The FCA is clear that, in this paper, the term “asset manager” is being used in its widest sense to cover both fund managers subject to UCITS and AIFMD requirements and discretionary portfolio managers subject to MiFID requirements.
Although the bulk of DP23/2 outlines possible changes to the regulation of funds, there are a number of discussion areas that – if taken forward by the FCA – could have significant impacts for both managers of retail discretionary portfolios and for firms that trade funds and hold clients’ fund assets through their nominees.
