Following the release of the FCA’s final report on the UK’s asset management sector, Keith Baird, director of financial services research at Cantor Fitzgerald Europe, believes the report is supportive of asset managers as a whole.
“This final report is not confrontational, indeed the tone is quite friendly. The most prescriptive part is around profiting from box profits, and that will now have to change. But the fact the FCA says it ‘supports’ action on moving to an all-in fee, rather than using firmer language, is supportive for asset managers. However, there could be a potential sting in the tail next year when the final rules come in via European legislation.”