The UK’s Financial Conduct Authority (FCA) has announced a plan to frame improved regulations for the country’s £11tn asset management industry.

The financial regulator has released a paper asking stakeholders to provide their views on the possible changes in rules that could bring in innovation as well as support investors and strengthen competition in the sector.

The planned regulation is also expected to facilitate the requirements of UK markets and consumers.

In the newly released paper, FCA talks about various ways for consolidating and improving its rules for allowing firms to better serve their local and international investors, among others.

FCA wholesale buy-side director Camille Blackburn said: “The UK has an opportunity to update and improve the UK regime for asset management.

“We want to hear from a wide range of voices about how we can enhance the existing standards and what we should prioritise to bring the most benefits to consumers, firms and the wider global economy.

“Given the UK’s leading role as a centre for asset management, we want to make sure our rules are fit for the future. We want a UK wholesale market which supports the economy and is open to innovation, while remaining consistent with high standards of consumer protection and market integrity.”

The latest move is set to help the UK to reform its asset management industry post-Brexit, reported Reuters.

As long as the country remained a part of the European Union, the UK’s funds sector was regulated by rules formulated in Brussels, Belgium. Following Brexit, UK regulators can frame their own rules.