Financial Conduct Authority

M&A not enough to revive the market

Regulators stepping in and updating approach

Portfolio re-weighting

FCA working with Metropolitan Police Service

Follows regulator research

‘Not appropriate’ to publish prior

Additional mandate for the BoE

Possible announcement after the election

Welcomes cost disclosure reforms

Elevated yields and rising coupons look attractive, but credit spreads are relatively tight. This environment warrants both caution and optimism.