The FCA’s interim report on the Asset Management industry directionally highlights the truths already acknowledged by anyone familiar with the industry. Its proposed remedies are sensible, however would not bring about drastic change.

This is not to criticise, but to point out something inevitable. Managing other people’s money always and everywhere presents opportunities for skimming and self-dealing. At the same time, investing is intrinsically complicated and time consuming. The same problems must be unearthed again and again, and regulatory regimes, which will always fall far short of perfection, must be regularly tweaked as an industry full of clever people evolves.
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