FCA Outlines Agenda for Revising UK Asset Management Regulation
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June 9, 2024 Ashley Alder, Chair of the Financial Conduct Authority (FCA), recently delivered a speech at the Bloomberg Buy-side Forum detailing the FCA’s plans to revise UK asset management regulation. This initiative aims to adapt EU regulations to suit the UK market. Alder highlighted that the FCA is addressing a wide range of regulatory areas, from listing rules to mass-market investment advice and pension scheme value. While maintaining alignment with EU rules for retail funds, the FCA sees potential in creating more proportionate regulations for alternative funds, recognising that institutional investors have varying risk management capacities. For the NBFI sector, which includes private equity, hedge funds, and other non-bank finance sources, the FCA underscores the need for effective oversight tools and global regulatory collaboration to manage risks in these markets. A portion of Alder’s speech was dedicated to Environmental, Social, and Governance (ESG) disclosures. With over 80% of consumers wanting their investments to make a positive impact, the FCA is introducing a new disclosure and labelling regime. The new rules are designed to ensure the accuracy and transparency of firms’ sustainability claims and, as such, reinforce trust with consumer investors.
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