As part of its effort to protect retail investors and foster competition in the U.K. asset management industry, the U.K. Financial Conduct Authority (FCA) released a recent policy statement pertaining to authorized fund managers that manage authorized open-end collective investment funds. The policy statement includes final rule changes to the FCA Handbook’s Conduct of Business sourcebook and Collective Investment Schemes sourcebook concerning disclosures regarding use of benchmarks and calculation of performance fees. It also includes non-Handbook guidance on descriptions of fund investment objectives. This article evaluates the key provisions of those rules and guidance. See “FCA Chief Executive Offers Perspectives on the Importance of Asset Management” (May 17, 2018).