Brexit-based asset managers may cite uncertainty due to UK when requesting delays or changes to upcoming regulation, says a former board member of the Financial Conduct Authority. Mike McAteer said that regulators would feel pressure from fund managers to delay or soften regulation upon review of the sector. Lobbying for deregulation may increase as impact on the European market looms, but McAteer warns that it would not be in consumers' interest to soften rules. The asset management sector has been named as “weak” with little transparency in recent years by the FCA, leading to calls for further regulation.
UK-based asset managers may cite uncertainty due to Brexit when requesting delays or changes to upcoming regulation, says a former board member of the Financial Conduct Authority. Mike McAteer said that regulators would feel pressure from fund managers to delay or soften regulation upon review of the sector. Lobbying for deregulation may increase as impact on the European market looms, but McAteer warns that it would not be in consumers' interest to soften rules. The asset management sector has been named as “weak” with little transparency in recent years by the FCA, leading to calls for further regulation.