As part of an initiative launched by UK Fund Trading and Settlement (UK FTS) in May, the review invited 20 of the industry’s big players to suggest ways the fund trading and settlement world could be improved.
Using responses from 13 firms, UK FTS has suggesting the introduction of a cross-industry body to help bring in improvements that would fund trading, to focus on adopting more fund settlement services and to review whether a single industry utility would help drive improvements in the management of fund data and distribution of fund prices.
It is also hoped standardised legal and service level agreements could be settled and a forum to investigate new technology and future standards launched.
Taking over the review as it moves into its next stage is Phil Hine, UK transformation director at Old Mutual Wealth, who takes the reigns from current chairman Ed Dymott, of Fidelity International.
Hine said: “The recent FCA asset management market review reinforces the need to ensure that the industry delivers cost effectively and transparently to millions of UK savers and investors. We are delighted by the engagement we have from over 20 major players, however we would encourage more firms to engage in the process. The five work streams identified by the project provide a great platform to start implementing a number of significant improvements for the industry.”
A further consultation will be launched by the UK FTS in early 2017 calling for the industry to help shape the set of standards that will give clearer guidance to current and future providers of mutual funds.
