The referral is not yet certain of course, but, as Agathangelou said: “If I were a betting man, I would say that is pretty likely because the amount of evidence the FCA has accumulated is so extensive.
“I don’t think the public, the media, civil society or the government would tolerate the conflicts of interest that are corroding the value for money that consumers get through the asset management industry at the moment.”
If anything, this ‘final’ report is anything but final; it is really the beginning of the matter given there is still more detail to be ironed out, further consultation required and so, for now, much remains to be seen.
What is certain however is that change is afoot.
As Godfrey said: “Asset management’s biggest problem isn’t the FCA. It’s the dysfunctional nature of the investment chain that prevents them fulfilling their potential to optimise returns for investors and drive economic growth.”
