U.K. Asset Managers Face Sweeping Shake Up of Fee Charges
- Hedge funds may face further review from British regulator
- FCA cites conflicts of interest for investment consultants
The Financial Conduct Authority.
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The U.K. regulator is cracking down on the 7 trillion-pound ($9 trillion) asset management industry to help weed out overcharging in a sweeping reform that goes further than onerous upcoming European regulations.
The Financial Conduct Authority said Wednesday it was backing a single “all-in-fee” for investors that includes asset-management charges, an estimate of transaction costs and intermediary fees to combat overcharging. The proposals are broader than European Union rules that are scheduled to take effect next year.