FCA unveils asset management rule changes

Asset managers are to be subject to a raft of new rules from the Financial Conduct Authority, aimed at forcing them to act in the best interests of investors and due to take effect at various stages over the next 18 months. The regulator has also issued a consultation paper, CP18/9: ‘Second consultation on remedies following the asset management market study’, in which it proposes rules on clarifying the description of fund objectives and benchmarks.