Category Funds

FCA gives application guidance

FCA has updated its website on pre-application stages for firms wishing to become authorised. The changes focus on what asset managers should consider.

UK and US announce working group creation

HM Treasury and the US Treasury Department have announced the formation of a Financial Regulatory Working Group, to formalise engagement on bilateral regulatory cooperation. The group is scheduled to meet twice a year

ESAs report on key risks for H2 2017

The Joint Committee of the European Supervisory Authorities has published its report for the second half of 2017.  This report highlights the following potential sources of instability: repricing of risk premia uncertainties regarding the terms of Britain’s exit from the EU; cyber attacks; and climate change. The report urges firms and supervisory authorities to seek […]

FCA and PRA publish business plans

The FCA and the PRA have both published their business plans for 2018/2019. The FCA’s business plan shines a spotlight on consumer protection, including in relation to pension products and high-cost credit, as an area of concern for the forthcoming year, as well as ongoing programmes such as Brexit, and firms’ culture and governance (including […]

CMA PUBLISHES SUMMARY OF ROUNDTABLE WITH ASSET MANAGERS

The Competition and Markets Authority (CMA) has published a summary of the roundtable that it held, on 12 February 2018, with asset managers. The roundtable was held as part of CMA’s work on the market investigation into the supply and acquisition of investment consultancy services and fiduciary management services to and by institutional investors and employers in the UK.

FCA publishes package of asset management remedies

FCA has released several documents resulting from its asset management market study. The key documents are: final rules focussing on the duties of fund managers as agents of the fund investors. The changes will require fund managers to make an annual assessment of value and to appoint at least 2 independent directors comprising at least 25% of […]

Complaints Commissioner concerned about information sharing between FOS and FCA

In a recent report the Complaints Commissioner expressed concern about the absence of published information about how and in what circumstances information about live ombudsman cases may be shared between the FOS and the FCA. The complaint alleged that the FCA illegally influenced the FOS in its handling of complaints against a firm represented by […]

FCA sets out supervision and enforcement approach

FCA has published a draft of its approach to enforcement and supervision. The documents follow its publication of its Mission, in which it committed to publishing a series of documents setting out how it carries out its main activities. The approach to supervision explains FCA’s commitment to being forward-looking and pre-emptive, focusing on firms’ cultures […]

FCA outlines approach to authorisation

Sarah Rapson has spoken of FCA’s approach to authorising firms. She focused on FCA’s use of authorisation as a way to prevent harm, and its focus on using it proportionately. As a result, the information it asks firms for, and the degree of scrutiny it gives it, has to be linked to its assessment of […]

FCA focuses on closet trackers

FCA has updated on its work reviewing potential closet tracker funds and closet constrained funds – funds that look like and charge fees in the same way as active funds do, but are managed like passive funds. Closet constrained funds do make active decisions, but on a restricted basis around their benchmarks. FCA is concerned […]