UK watchdog tightens requirements on asset managers

LONDON (Reuters) - Asset managers must clearly spell out their investment objectives to customers and explain why they use a market benchmark, Britain's Financial Conduct Authority said on Monday.

The FCA published a set of new rules for asset managers, saying its review of the market found "weak price competition" leading to lower returns for savers.

(Reporting by Huw Jones, editing by Iain Withers)