NCI calls on FCA to 'hand-hold' start-up boutique firms

Think-tank New City Initiative (NCI) chairman Dominic Johnson has called for a dedicated Financial Conduct Authority division to help start-up firms.

In a report released today, entitled 'How regulation is damaging competition in asset management', the organisation looks at the challenges faced when setting up an asset management or wealth firm. Johnson (pictured), who founded emerging market specialist Somerset Capital in 2007, said the FCA can do more to help start-ups. He highlighted that firms with problems are regularly referred to the FCA handbook, rather than being given specific guidance. "We would like an easier dialogue with the FCA, smaller firms just do not have the resources or the capital to deal with the systems. ...