The Financial Conduct Authority (“FCA”) has recently published a consultation paper and policy statement regarding the findings of the Asset Management Market Study (“AMMS”). This Guide outlines the remedies and outcomes from changes to the FCA Handbook through:
- the Policy Statement (“PS18/8”); and
- the Consultation Paper (“CP18/9”).
The new policy contained with the PS18/8 applies to UK Authorised Fund Managers (“AFMs”) in respect of their management of authorised funds, i.e. authorised open-ended collective investment schemes. The PS18/8 will be of interest to other firms in the investment management industry, such as entities acting as delegated portfolio managers, the depositaries of authorised funds, financial advisers and industry representative bodies. The CP18/9 clarifies the remedies set out in the PS18/8 over what a fund is offering, what it aims to do, how it intends to do it and how performance is shown. The papers aim to help investors, and their advisers make better use of the information available to choose the right funds.
The key findings of the PS18/8 and CP 18/9 respectively are set out in the attached below: