In a recent speech to asset managers, Martin Wheatley Chief Executive of the FCA, returned to the topics of dealing commission and corporate access (Regulatory Roundup 47 had an article on corporate access and also provided a link to ‘conflicts between asset managers and customers’). He also talked of a general lack of transparency and the need for the FCA ‘to think again’ as, in his view, the current system is not working.
We are promised a thematic review following up on last year’s conflicts of interest findings and a consultation paper in November on how to improve the current regime and clarity on what exactly is allowable when using commission to purchase good and services.
