Andrew Bailey, Chief Executive of the U.K. Financial Conduct Authority (FCA), recently offered his thoughts on the asset management industry, including the role of – and risks resulting from – the growth of fund involvement in market finance; challenges faced by the U.K. asset management industry; and E.U. regulatory developments, including recent legislation and the growth of technological innovations. Bailey’s remarks provide fund managers with valuable insight into the FCA’s perspectives on the asset management industry and its importance to the global economy. This article highlights the key points from his speech. For additional commentary from Bailey, see “FCA Chief Executive Touts Senior Managers Regime and Remuneration Restrictions As Important Incentives to Promote Good Culture at Fund Managers” (Apr. 12, 2018).