FCA asset management market study - final report

The headlines are:

• A strengthened duty on fund managers to act in the best interests of investors.
• A minimum of two independent directors on fund managers' boards.
• A requirement to disclose a single all-in fee, plus standardised disclosure of costs and charges to institutional investors.
• A working group on making fund objectives more useful; and on use of benchmarks and performance reporting.
• A market study into investment platforms.
• Final decision on whether to refer the institutional advice / consultancy market to the Competition and Markets Authority to be published in September.