FCA asset management market study - final report
The headlines are:
- A strengthened duty on fund managers to act in the best interests of investors.
- A minimum of two independent directors on fund managers' boards.
- A requirement to disclose a single all-in fee, plus standardised disclosure of costs and charges to institutional investors.
- A working group on making fund objectives more useful; and on use of benchmarks and performance reporting.
- A market study into investment platforms.
- Final decision on whether to refer the institutional advice / consultancy market to the Competition and Markets Authority to be published in September.