The FCA is “working to modernize” the rules governing asset managers

The Financial Conduct Authority is working to modernize asset management regulations to meet the needs of the UK market.

In a speech last week, Ashley Alder, chairman of the FCA, said he wanted the sector to thrive.

Alder said responses to the regulator’s consultation on replacing asset management rules currently contained in retained EU law showed a desire to maintain broad alignment with EU rules.

He said: “Of course we want the UK regime to continue to support high standards and be internationally interoperable. We fully recognize the importance of stability, predictability and proportionality and will only pursue reforms where there are clear benefits. “

He said that while the FCA is working to streamline requirements for alternative funds, it is also working on other areas of the asset management sector where different business models span both public and private markets.

The FCA Chair also touched on environmental, social and governance disclosures and the new labeling system.

He said any new rules were being created to enable “international interoperability” and the regulator was working with other jurisdictions on the matter.

Alder concluded: “All this work is driven by the debate around UK competitiveness and the fact that our role as an organization has been given a secondary purpose of facilitating the international competitiveness and growth of the UK economy.

“At every stage of our decision-making process, we consider options that can contribute to achieving our key operational objectives and consider which of them can accelerate economic growth and competitiveness.