The Financial Conduct Authority (FCA) has announced it is inviting views about regulatory change in the UK’s asset management industry.

Figures show the UK currently has over £11trn of assets managed by UK firms.

The FCA suggested that a future regulatory framework can provide the regulator with an opportunity to improve asset management regulation with “a more modern and tailored regime”, to meet the needs of UK markets and consumers. The regulator also said it will make sure any changes are consistent with international standards.

A newly published paper by the FCA has covered a wide range of ideas, including how the regulator can support firms’ use of technology to improve customer efficiency. It also discusses how the FCA’s rules could be streamlined to help firms deliver better support to investors, retail and wholesale, and both UK-based and internationally.

“The UK has an opportunity to update and improve the UK regime for asset management,” commented director of wholesale buy-side at the FCA, Camille Blackburn. “We want to hear from a wide range of voices about how we can enhance the existing standards and what we should prioritise to bring the most benefits to consumers, firms and the wider global economy.

“Given the UK’s leading role as a centre for asset management, we want to make sure our rules are fit for the future. We want a UK wholesale market which supports the economy and is open to innovation, while remaining consistent with high standards of consumer protection and market integrity.”

The FCA has not yet cemented any new proposals and said it aims to promote further discussion and listen to stakeholders’ views about what it should prioritise.

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