Since the UK voted to leave the EU, the Independent Investment
Management Initiative (IIMI) has been making the case for the
UK to adopt its own globally competitive asset management
regime. In February 2023, the UK Financial Conduct Authority
(FCA) released its latest discussion paper (DP 23/2) – “Updating
and Improving the UK Regime for Asset Management” – as
part of the so-called Edinburgh Reforms, a Government
initiative designed to stimulate growth and competitiveness
in the UK’s financial services industry post-Brexit.
Under the UK’s Financial Services and Markets Bill (FSMB), the
UK Government will be given extensive powers to overhaul,
amend or retain EU regulations as it applies to financial services,
including asset management. The IIMI looks at the latest
FCA discussion paper, and shares its insights on some of the
proposals. As part of this white paper, the IIMI spoke extensively
with its diverse membership of boutique asset managers,
along with a number of external law firms and consultants