EY's response to the FCA Market Study
28 June 2017
In response to the FCA Market Study published today, Simon Turner, partner, EY, commented:
“We welcome The Competition Review of the Asset Management industry, which is the most significant review of its kind by the FCA. This is not a ‘do-nothing’ report and although there was concern by some that the report could go too far and leave the UK Asset Management industry at a disadvantage to international competitors, especially post-Brexit, what we see is a package of reforms, including a reinforcement of other regulations in motion, to improve investor protection.
“This report comes at a pivotal time for the Asset Management industry. There are pressures on two fronts – cost pressures in giving customers value for money and regulatory pressures as asset managers continue to demonstrate a culture that goes beyond compliance to specific rules, and demonstrates that the end investor is at the heart of what they do. That said, this report should be welcomed by the industry given the overall objective of increasing investor confidence and ultimately supporting the increase of long term savings in the UK.
“Whilst many Asset Management firms will be on a path to addressing many of the findings contained within the report, based on existing programmes of work, there will be some firms in the industry for whom this report is a call to action to get their houses in order.”