The chief executive of the Financial Conduct Authority (FCA) said he expects to see improved competition within the asset management industry as a result of the regulator's package of 'remedies', which will ultimately lead to lower management costs.
During a press conference on the FCA's final report on its Asset Management Market study released on Wednesday, Andrew Bailey (pictured) said this trend had already begun in the industry, and the report would help it along. He said: "We are already seeing some changes in the industry and it does seem to be the case that over the recent period we have seen changes in the trend [for higher fees]. "This aught to come together with our report and I see the study as creating the framework that allows this competition to flourish. We would expect to see [active] fees come down." In its F...
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