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FCA's anti-competitive scrutiny is here to stay

January 25, 2018, Behavox

Louise Freeman is quoted in a Behavox article regarding the UK Financial Conduct Authority's (FCA) statement of objections to four asset management firms, signifying the first time the FCA has used its competition enforcement powers. According to Freeman, firms should expect further scrutiny, and to prepare accordingly. “They started with a very wide asset management investigation, and that has been whittled down to the point they put out a report and pass something on to the [Competition and Markets Authority],” she says. “I can see the FCA doing more of this in future.”

Freeman adds that tighter and more focused systems and controls are a must. “The best defence is compliance, to revisit compliance programs, make sure they are being implemented,” she says. “Making sure compliance programs are up to date and extended far enough in terms of who is covered inside a firm too.”

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