FCA

Spent 12 years in regulation

Promises "proportionality" for firms that have taken "sufficient steps"

Ahead of MiFID II

Facing numerous industry pressures

Concerns raised in FCA Asset Management Market Study

Retirement savings head and former MP

Follows 2011 guidance

67% of Tier 1 funds outperformed

Following own review

Investors see no performance-related benefit from affiliated best buy funds