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The Study's interim conclusions support many of the findings of a report submitted by UKSA to the regulator (then the FSA) five years ago. UKSA's response to the study, together with its report of 2012, can be found here .

The FCA's paper is an interim report. Its recommendations include a strengthened duty on asset managers to act in the best interests of investors and an increased emphasis on transparency, particularly in respect of charges.

It is is to be hoped that the final report will tackle the pivotal issue that the industry's charging model is directly contradictory to the principles of stewardship that the FCA seeks to emphasise.

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