The FCA has met the chief executive of every large fund manager as part of crackdown on misconduct in the industry, according to the FT.
The newspaper also reports the regulator has put together its first asset management supervisory team, which consists of more than 50 employees.
Berenberg Bank asset management analyst Prasaanna Jeyanandhan warned the FCA against a “gung ho” attitude toward fund managers.
He said: “The FCA has definitely done the right thing in terms of cleaning up the murky world of commission payments.
“But it could be getting a bit gung ho if it pulls up [a fund manager] every time they take an adviser out to lunch to talk through their product range. The FCA needs to be more sensible than that.”
Investment Management Association chief executive Daniel Godfrey told the paper: “We have certainly moved to an environment where the regulators’ policy seems to be [to give out] more and bigger fines, even if the level of inadvertent breaches has not increased.”
The FCA recently fined Aberdeen Asset Management £7.2m over failures around the protection of client assets. It concerned investment in money market deposits with third party banks made between 2008 and 2011.
An FCA spokesman said: “The asset management sector is a key industry for the UK and an area of supervisory focus for the FCA.
“We are engaging with the industry a lot more and that includes increased engagement with and expectations of senior management.”
The regulator will outline further details on how it plans to tackle conflicts of interest in the fund management sector later this month.