Embattled fund groups will be pulled in multiple directions by widescale changes to fees and directorships and distribution.
IA chief executive Chris Cummings said the IA “strongly” supports the regulator’s objective of ensuring the industry serves its customers in a “competitive, accountable and transparent manner”.
“Many of the key recommendations work with the grain of European legislation already in the pipeline to introduce more clarity and transparency for consumers,” he said.
“We will work closely with the FCA as it looks further into the detail of how to present costs and charges in the clearest way for savers and how it will develop more independent oversight of investment funds in a way that is effective and proportionate”.
Cummings said the IA welcomed the regulator’s recognition of the industry’s work to date on developing a “consistent and transparent disclosure code” for charges and costs which can be built on further with consumer groups.
“The FCA has listened to our calls to make it easier for savers to switch between share classes, which we welcome,” he said.
“Asset managers compete every day to attract clients and investors and are focused on delivering the best outcomes for them.
“Our priority now is to have a meaningful dialogue with the regulator about the implementation of the recommendations, to ensure savers are getting the best possible deal.
“A pragmatic timetable is key to achieving this, given the major regulatory changes already in the pipeline and the preparations for Brexit.”
