Now the FCA moves to implementing its ‘package of remedies’ resulting from the Asset Management Market study , let us remind ourselves of the goals we are all trying to achieve and remain focussed on how to improve outcomes for investors.
Self-interest ultimately damages reputations, causes mistrust and will ultimately destroy any industry.
What the FCA is seeking to do is to try and create an environment where the UK Investment Management Industry can produce better outcomes for more of its customers.
This will be achieved through creating wealth, maximising returns on savings, controlling risks, taking the burden of decision making for those less well placed to do so or not desirous of so doing, and facilitating control and opportunity for others.
In the overall package of remedies the FCA is ultimately taking measures to protect customers, individuals or institutions, by protecting them against opacity, complexity, confusion, conflicts and self-seeking exploitation. It is not about restricting choice, but bringing out the best of breed. Let us not get bogged down in the detail and give a clear message of support to the FCA in its guiding principles and throw our muscle behind addressing the areas of weakness.
Millions of people need to have confidence to invest in products, pensions and other savings to improve their lives. We have been charged with making this possible, let us rise up to that challenge.
Find the full expectations for FCA asset management market study here