The FCA has formally launched its market study into asset management and published the terms of reference for the market study. The aim of the market study is to examine whether competition is working effectively in the asset management sector to enable both retail and institutional investors to obtain value for money when purchasing asset management services. The FCA has identified three main topics for further investigation, namely: (i) how assets managers compete to deliver value; (ii) whether asset managers are able to control costs and quality; and (iii) how investment consultants affect competition for institutional asset management. Comments are invited by 18 December 2015.