On 18 November 2015, the FCA published the terms of reference for its investigation of competition in the asset management sector. The investigation has been issued in response to feedback received from the FCA’s wholesale sector competition review. The FCA stated that its investigation would explore the following three areas:

  1. How asset managers compete to deliver value.
  2. Are asset managers willing and able to control costs and quality along the value chain?
  3. How investment consultants affect competition for institutional asset management.

The deadline for submissions on the above topics is 18 December 2015.