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April 05, 2018

FCA published the policy statement PS18/8 that sets out remedies for the concerns identified through its asset management market study. PS18/8 follows the first consultation paper CP17/18 and sets out final rules and guidance. FCA also published the second consultation paper CP18/9 on remedies, following the asset management market study. CP18/9 proposes rules and guidance to improve the quality, comparability, and robustness of information available to investors. Comments are invited by July 05, 2018.

CP17/18 had consulted on changes to the rules and guidance for Authorized Fund Managers, including changes to their governance arrangements that focused on the duties they have as the agents of the investors in their funds. The remedies set out in PS18/8 are part of an overall package to better protect investors from the results of weak competition. The proposals in the current consultation CP18/9 aim to help those investors, and their advisers, who are able to make use of better information to choose the right funds. This incorporates the work of fund objectives working group, which includes a wide range of stakeholders such as asset management firms and investor groups. Taken together, the remedies seek to address both demand- and supply-side problems in the asset management market. The implementation dates of the final policies are as follows:

  • Final rules for the governance remedies will come into effect on September 30, 2019.
  • Final rules for the senior managers and certification regime-prescribed responsibility for Authorized Fund Managers will come into effect at the same time as the rules for the extension of the senior managers and certification regime, which is expected to be in mid to late 2019.
  • Rules on box profits will come into effect on April 01, 2019.
  • Recast of Final Guidance 14/4, now known as Final Guidance 18/3, will be effective from the date of this publication.


Related Links

Comment Due Date: July 05, 2018 (CP18/9)

Keywords: Europe, UK, Securities, Insurance, PS18/8, CP18/9, Asset Management, FCA

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