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FCA backtracks draft rules forcing funds to monitor advice quality after asset managers object

Regulator sees pushback from an influential group of the UK’s largest asset managers as it amends new requirements on value statements

The idea of forcing fund managers to monitor advice quality prompted concern amongst executives at UK fund groups
The idea of forcing fund managers to monitor advice quality prompted concern amongst executives at UK fund groups Photo: Getty Images

The Financial Conduct Authority has rowed back on a controversial suggestion that some UK funds should be responsible for the quality of advice given by companies distributing their products, after pushback from a group of the UK’s largest asset managers.

The complaints against the rules came from the Investment Association, which represents fund giants including BlackRock and Pimco among more than 200 members.

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