In connection with a market study launched in November 2015 to determine whether competition is working effectively, the UK Financial Conduct Authority concluded that there is limited price competition for actively managed funds. As a result, noted FCA investors often pay high charges that are not justified by higher returns. There is stronger competition for passively managed funds, observed FCA. Additionally, said FCA, fund objectives are not always clear or reported against an appropriate benchmark. In response, FCA proposed a number of remedies including an enhanced duty of asset managers to act in the best interests of investors including requiring assets managers to explain how they deliver value for money. FCA will accept comments on its interim findings and proposals through February 20, 2017.