FCA publishes updated rules and guidance for fund managers

As part of its follow up work to its asset management market study, the FCA has published new rules and guidance to help asset managers and customers understand more about how funds are being managed.

The new provisions include:

• guidance on how fund managers should describe fund objectives and investment policies;
• requirements for how benchmarks, where used, should be referred to;
• clarification on how performance fees, where specified in a prospectus, are to be calculated.

The majority of the new rules and guidance come into force from 7 May 2019 for new funds, and 7 August 2019 for existing funds.