It found firms were broadly meeting their obligations to communicate clearly with customers but added that there was a risk of harm from customers not fully engaging with the information. The findings are closely aligned to the interim findings of its Retirement Outcomes Review and will inform the final report.
Investments
In investments, following the recent FCA Asset Management Market Study, Mr Maner says he expects:
- Greater regulatory scrutiny of asset managers, with particular emphasis on remedies to better protect investors from the results of weak competition;
- Clear and simple information about the costs investors pay for asset management services;
- The importance of funds having clear objectives and the use of investment platforms - this is currently the subject of a separate market study.
As Mr Maner notes: “Certain firms have been selected to respond to an online FCA questionnaire regarding market abuse controls in the asset management sector.
“This questionnaire is part of a market-based review by supervisors in the FCA's Asset Management Department and it looks at how asset management firms identify and control the risks of insider dealing, improper disclosure and market manipulation, including their consideration of reporting suspicious market activity where appropriate.
He adds: “Brexit is a key issue for fund managers making use of outward passporting, the availability of which looks certain to be lost after next March.
"Many managers have already implemented moves to other locations that will remain within the EU, such as Luxembourg and Dublin.”
ima.jacksonobot@ft.com
