A policy statement for the first set of remedies outlined in the Financial Conduct Authority (FCA) asset management market study will be released by the end of March.
These remedies, which the watchdog consulted on last year, include measures to improve governance such as strengthening obligations to act in the best interests of investors, changes to existing guidance to enable investors to move into better value share classes.
Speaking at the Association of Member Nominated Trustees' spring conference on 28 February, FCA head of wholesale investments competition Robin Finer said the policy statement for the first set of remedies will "outline the rules the watchdog will put in place."
Finer also revealed that a consultation paper for the second set of remedies on fund objectives, benchmarks and other issues will be released at the same time.
The FCA is implementing the remedies set out in its final market study report in a number of stages. Some do not require further consultation and are now being taken forward.
In July last year, the FCA unveiled plans which stated asset managers will face a duty to act in the best interests of investors.
The financial watchdog launched a consultation on extending the senior managers and certification regime (SM&CR) to almost all regulated firms, and outlined six new "prescribed responsibilities" within the framework.
This includes a duty for firms to name a senior manager with "responsibility for an authorised fund manager's value for money assessments, independent director representation and acting in investors' "best interests".
The new duty was provisionally outlined in the FCA's final report of its asset management market study, published in June, which said the duty on fund managers needed to be strengthened.
It also said this would improve individual focus and accountability on value for money and acting in the interests of investors.
Individuals appointed by their firm to meet this duty can also be responsible for other duties but will need to be approved by the FCA for each function before appearing on the watchdog's register.
Firms who do not fall under the scope of the SM&CR but are regulated by the FCA will be required to self-certify individuals for their fitness, skill and propriety once per year.
The aim is to ensure there is a single person held accountable if a firm breaks one of its requirements or duties.
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