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FCA policy statement PS25/4: Investment research payment optionality for fund managers

An employee views trading screens at the offices of Panmure Gordon and Co in London, England.
Photo: Carl Court/Getty Images

Ben Maconick | CMS, Tom Callaby | CMS, Ash Saluja | CMS, Laura Houët | CMS, Karagh Gilliatt | CMS+3

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New framework offers greater flexibility, but it remains to be seen how many fund managers will take up joint payment options, given the guardrails in place.

On May 9, 2025, the UK FCA published Policy Statement PS25/4, introducing changes to the way UK fund managers may pay for investment research. The new rules allow for a joint payment option for research and execution services, subject to a series of “guardrails.”

These changes are in response to the 2023previously

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