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ARTICLE · 17 SEPTEMBER 2026

Investment Management Update - September 2026

Macfarlanes LLP
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The Financial Conduct Authority has released a comprehensive package of regulatory updates and findings covering investment management, wealth management, and consumer protection. Key developments include reforms to MiFID costs and charges disclosures, remuneration code changes, AIFM regime overhauls, and detailed reviews of firms' Consumer Duty compliance, financial crime controls, and governance frameworks.

United KingdomFinance and Banking
Lora Froud
Lora Froud
Alexandra Green
Alexandra Green
Michael Sholem
Michael Sholem
Rachel Serene
Rachel Serene

Welcome to the latest edition of our investment management update. This publication has been tailored to highlight topical news, cases and changes in the law impacting the investment management sector. 

UK

Pre-sale investment disclosures: on 2 July 2026, the FCA published a review of how well pre-sale investment disclosure documents work for consumers. The FCA published the findings in advance of the Consumer Composite Investments regime coming into force on 8 June 2027 to assist firms transition to new, clearer investment disclosure documents.

The FCA reviewed 132 pre-sale investment disclosure documents from manufacturer firms to see how easy they were to read. Of the 132 pre-sale disclosure documents reviewed, the FCA found that only 6% were written in plain English, with the rest scored difficult to read (31%) or fairly difficult to read (63%). The FCA also looked at the same documents and a further 40 pre-sale investment disclosure documents, from firms that both manufacture

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