The FCA’s focus on integrity and in particular investment managers

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On 14 November 2013 the FCA’s chief executive gave a speech that focused on conduct and ethics within firms, which he said poses significant challenges for investment managers in particular. As business integrity had become a dominant preoccupation of investors and since culture was difficult in itself to measure, the FCA is now using a variety of resources to measure conduct, such as probing the sources of revenue (how a firm makes its money) and how the firm’s business model delivers against the expectations of consumers.

The FCA considers some asset management firms are not taking their responsibility to clients as seriously as they could with evidence of poor transparency and accountability in spending commissions charged to customers, as well as firms pushing the definition of research, using client commission to pay for corporate access…

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