The FCA may push back publication of interim findings from its asset management market study to the fourth quarter of 2016, according to senior industry figures.
The regulator is due to publish an initial report this summer and a final report in early 2017, but this timeline is being stretched by changes at the regulator and the volume of material gathered as part of the probe into anti-competitive practices.
The head of wholesale at one UK asset manager, who did not wish to be named, said: “We are now expecting [interim findings] towards the end of September.”
Henderson chief executive Andrew Formica, speaking after the fund house’s first quarter results, told analysts that he is also anticipating a hold-up.
“We think September is really the earliest it will come. I personally think it may even be a bit delayed [beyond that],” he said.
Investment Adviser reported earlier this year that asset managers were braced for “onerous” data requests from the watchdog as part of the investigation.
The focus has now shifted to the speed with which the FCA can draw conclusions from this evidence. The regulator is also still awaiting the arrival of new chief executive Andrew Bailey, scheduled for July.
The study has meant additional uncertainty at the start of 2016 for a funds industry already grappling with both whipsawing markets and the forthcoming vote on the UK’s membership of the EU.
An FCA spokesperson said the body still intends to publish its interim findings by “late” summer.
