On 26 April 2023, HM Treasury announced that the Economic Secretary has re-established the Asset Management Taskforce. The Taskforce is an influential forum convening senior leadership from industry and the FCA to identify and harness the potential of innovative new technologies for the UK asset management industry. Five new senior executives from the UK’s investment industry have joined the Taskforce.
The Economic Secretary has also launched a new Technology Working Group, which will run in parallel to the Taskforce to examine the impact of new technology on the asset management sector. The group will work to articulate the benefits of technology for investors and industry, and will identify the main opportunities presented by technologies including tokenisation, artificial intelligence and distributed ledger technology.
The group’s membership will be drawn from Taskforce members, government and regulators, and wider non-asset management stakeholders. It will hold a series of meetings over the next year and subsequently produce a final report. The report will explain the group’s findings and contain guidance and recommendations for government, regulators and industry.