The UK’s Financial Conduct Authority has told asset managers that they need to focus more on customer interests and stop the bad behavior; the rules come after a more than 2 year investigation into the sector; Christopher Woolard, executive director of strategy and competition at the FCA, tells the FT, “Today’s announcements are an important part of a package of measures that, combined, aim to achieve a fair, transparent, open and accountable market.”; some of the new rules include hiring independent directors, profits from moving money from one fund to another will be mostly banned and they will need to switch investors to the cheapest version of their funds. Source.
