FCA outlines agenda for revising UK asset management regulation

Posted on June 9, 2024 by Amber De La Haye

Ashley Alder, Chair of the Financial Conduct Authority (FCA), recently delivered a speech at the Bloomberg Buy-side Forum detailing the FCA’s plans to revise UK asset management regulation. This initiative aims to adapt EU regulations to suit the UK market.

Alder highlighted that the FCA is addressing a wide range of regulatory areas, from listing rules to mass-market investment advice and pension scheme value. While maintaining alignment with EU rules for retail funds, the FCA sees potential in creating more proportionate regulations for alternative funds, recognising that institutional investors have varying risk management capacities.

For the NBFI sector, which includes private equity, hedge funds, and other non-bank finance sources, the FCA underscores the need for effective oversight tools and global regulatory collaboration to manage risks in these markets.

A portion of Alder’s speech was dedicated to Environmental, Social, and Governance (ESG) disclosures. With over 80% of consumers wanting their investments to make a positive impact, the FCA is introducing a new disclosure and labelling regime. The new rules are designed to ensure the accuracy and transparency of firms’ sustainability claims and, as such, reinforce trust with consumer investors.

Here at XBRL International are pleased to hear that the new rules will also consider the requirements of global sustainability disclosure requirements, especially in the EU, to ensure international interoperability. With the FCA previously announcing its intention to implement the IFRS Sustainability Disclosure Standards by the end of 2024, we are watching the developments in the UK’s move towards international aligned ESG reporting with interest. Not to mention the outcome of the UK election on 4 July.

For more details, explore the original speech.

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