Investment Management Update: FCA expectations for investment managers on dealing commission; and more

The Financial Conduct Authority (FCA) has published Policy Statement PS 14/7 on changes to the rules on the use of dealing commission. The PS comprises feedback on Consultation Paper 13/17 and final rules that together aim to ensure that:

  • investment management firms only use client dealing commission to pay for substantive research or costs related to executing trades;
  • the rules provide greater clarity on what investment managers can pay for using client dealing commission;
  • firms act as good agents and take proper account of investors’ interests;
  • firms spend their clients’ money as though it was their own, seeking to manage costs with as much tenacity as they pursue returns; and
  • clients are given easily understood information on the risks and costs of the service and the investment decisions reflect their stated objectives…

Click on the link below to read the rest of the Macfarlanes briefing.

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