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Will the Financial Conduct Authority’s (FCA) findings of weak pricing competition in the asset management market and proposed changes result in a more competitive industry which functions better for investors? Michaela Walker and Julian Brown, Partners in the Financial Services Regulation Team, and Julia Woodward-Carlton, Partner in the Competition Team at Eversheds Sutherland discuss the impact of the FCA’s final report on the asset management market study.
The FCA published its long-awaited final report on the asset management market study (Final Report) together with an initial consultation paper on remedies (CP17/18). Building on its interim report from November last year (Interim Report), discussed by Eversheds here, the FCA has confirmed its earlier findings that there is weak price competition in a number of areas of the asset management industry. The FCA recognises that ongoing European legislation, together with the wider Brexit discussions, will have an impact on many of their original proposals and they have taken this into consideration when proposing their next steps in the final report. The FCA has equally recognised that many of the proposals will lead to an increase in costs for asset managers (which presumably they do not anticipate will be passed onto investors) but its view is that, overall, the proposed changes will result in a more competitive industry which functions better for investors.
The FCA is seeking responses to Consultation Paper CP17/18 by 28 September 2017 with final rules likely to come into force in 2018 with either six or 12 month transitional provisions dependent on the remedy. The remaining CPs are expected by the end of 2017.
The FCA found four key
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