2 Min Read
June 28 (Reuters) -
* FCA says to help improve effectiveness of intermediaries, will launch a market study into investment platforms.
* Found that price competition is weak in a number of areas of industry.
* Says will seek views on rejecting undertakings in lieu of a market investigation reference regarding institutional advice market to competition and markets authority.
* Will recommend HM Treasury considers bringing investment consultants into FCA's regulatory perimeter.
* Says its analysis found evidence of sustained, high profits over a number of years.
* Says to drive competitive pressure on asset managers, will support disclosure of a single, all-in-fee to investors.
* Says will support consistent and standardised disclosure of costs and charges to institutional investors.
* Says to strengthen duty on fund managers to act in best interests of investors.
* Will recommend the DWP remove barriers to pension scheme consolidation and pooling.
* Says funds to require fund managers to appoint a minimum of two independent directors to their boards.
* Will chair a working group to focus on how to make fund objectives more useful and consult on how benchmarks are used and performance reported.
* Says implementation of remedies will take place in a number of stages.
* Some do not require consultation and are now being taken forward.
* Has published a consultation paper, focussing on remedies related to governance and technical changes to promote fairness for investors.
* Says has also published consultation on rejecting undertakings in lieu today.
* Some remedies will require further work in light of other legislative initiatives. Source text for Eikon: Further company coverage: [ ] (Reporting By Simon Jessop)