Reform in name only: The FCA's proposals recycle large portions of EU-derived rules into new British ones. For larger managers, the regulatory burden will feel much the same.
Small managers, bigger burden: The firms the reforms claim to help — smaller managers and new market entrants — may face more rules, as they will fall within a detailed regulatory framework for the first time.
A missed strategic opportunity: Brexit was a chance to design a competitive, ground-up framework for asset management to attract international businesses to the UK, but the FCA has failed to seize it.
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