In a speech to the Securities Industry and Financial Markets Association in Washington DC Christopher Woolard, the FCA’s Executive Director of Strategy and Competition, stressed that the regulator wants to see better competition in the asset management industry. This will be achieved by strengthening the duty on fund managers to act in the best interests of their clients and increasing accountability through the Senior Managers and Certification Regime (SM&CR). It is also proposing that funds provide investors with greater clarity on what they are buying, and that management company boards of UK mutual funds have a minimum of two, or at least 25%, independent directors.

Read the speech »