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FCA insists asset management industry needs reform

Britain’s £7tn asset management industry must introduce sweeping reforms to cut costs and improve returns for savers after years of raking in sustained, high profits, according to the Financial Conduct Authority.

Publishing the final findings of its asset management market study, the FCA said greater transparency and better competition were vital in a sector relied on by millions of people for their financial wellbeing.

The FCA said in its 112 page report that investors must be provided with clearer information on costs, helping them make the best available investment choices.