FCA has published a Dear CEO letter on its asset management supervision strategy. FCA has restructured so that these firms are now supervised by the Buy-Side Directorate. There are around 1,000 firms in the portfolio, managing around £11 trillion of assets. Many firms are part of global groups.
FCA has stressed the importance of:
- good governance structures;
- product governance, particularly with the upcoming Consumer Duty;
- ESG investing and ensuring that claims and disclosures are accurate;
- product liquidity management;
- investment in operations and resilience; and
- financial resilience.