The Investment Association (IA) and another influential lobby group have urged the Financial Conduct Authority (FCA) to reconsider its harsh stance on the UK fund management industry, warning radical reforms could cause damage ahead of Brexit negotiations.
The IA and the US-based Investment Company Institute have met the UK regulator in recent weeks to talk about its intentions following industry feedback on its interim report on the Asset Management Market Study, according to the Financial Times. They have voiced concerns about the FCA introducing a harsh stance on portfolio transparency and fund oversight, warning this could harm London's position as a global financial centre at a time when it has already been weakened ahead of the Brexit negotiations. The regulator is set to publish its Final Report on the Asset Management Market Stu...
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