UK Financial Conduct Authority Seeks Views to Modernize Asset Management Regulation for $13.2 Trillion Industry after European Union Exit, Includes Technology, Innovation & Better Standards to Support UK Investors & International Investors
23rd February 2023 | Hong Kong
The UK Financial Conduct Authority (United Kingdom FCA) is seeking views to update & modernize the UK Asset Management Regulation for its $13.2 trillion industry (£11 trillion AUM) after its European Union exit (1/1/20), including technology, innovation and better standards to support UK investors & international investors. UK FCA: “ The Future Regulatory Framework provides an opportunity for the FCA to look to improve asset management regulation with a more modern and tailored regime, better meeting the needs of UK markets and consumers. The FCA will make sure any changes are consistent with international standards and enable technological development and innovation. Today’s paper from the FCA covers a wide range of ideas, including how it can support firms’ use of technology to improve customer experience and efficiency. It also discusses how the FCA’s rules could be streamlined and improved to help firms deliver better support to investors, retail and wholesale, UK-based and international.” UK FCA Director of Wholesale Buy-Side Camille Blackburn: “The UK has an opportunity to update and improve the UK regime for asset management. We want to hear from a wide range of voices about how we can enhance the existing standards and what we should prioritise to bring the most benefits to consumers, firms and the wider global economy. Given the UK’s leading role as a centre for asset management, we want to make sure our rules are fit for the future. We want a UK wholesale market which supports the economy and is open to innovation, while remaining consistent with high standards of consumer protection and market integrity.” UK FCA: The regulator has not cemented any new proposals at this stage. It aims to promote further discussion and listen to stakeholders’ views about what it should prioritise. In line with its three-year strategy, the FCA continues its work to promote market excellence and competition across financial markets. More info on the Future Regulatory Framework (FRF) Review below | Visit Website
“ UK Financial Conduct Authority Seeks Views to Modernize Asset Management Regulation for $13.2 Trillion Industry after European Union Exit, Includes Technology, Innovation & Better Standards to Support UK Investors & International Investors “
About the UK Future Regulatory Framework (FRF) Review
The Treasury’s FRF Review is central to the Government’s vision for the future of the UK’s financial services sector outside the EU. The UK now has the freedom to tailor our rules to better suit UK markets. The draft legislation on the outcomes of the FRF Review is set out in the Financial Services and Markets Bill. Once the Bill becomes law, the statutory and regulatory framework will change. It will also create a framework for further change. We have an important role in implementing the new framework so that the regulatory regime is fit for the future.
What does the FRF cover? The FRF Review covers changes that:
- Add to our objectives and regulatory principles.
- Build on our existing accountability arrangements, improve scrutiny of our activities, and strengthen stakeholder engagement.
- Give powers to the Treasury and financial regulators to create a framework where the expert and independent regulators have greater responsibility for setting regulatory requirements that apply to firms.
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