This booklet highlights the FCA’s key areas of focus and possible concern for UK asset managers resulting from this influential FCA market study. Crossover of key themes from the study with the imminent MiFID II regulation enhances the probable effect on the market. The implementation of proposed remedies will occur in several steps where certain remedies can be implemented immediately without consultation and others will require a consultation process with possible scope for legislatives initiatives. Mazars have assessed the impact of the proposed remedial steps on asset managers. The impacts are outlined under the key areas of investor protection, transparency and governance.