Intermediaries, and especially banks, must make asset management companies independent and permit competition in the distribution of products, so as to reduce the costs borne by investors. As in other fields, market  BIS Review 12/2007  5  initiatives are to be preferred to legislative measures; in their absence legislation or regulation will be inevitable.
And how many institutions with similar services will be necessary at all in a digital financial sector? From my perspective, a wide range of needs and lively competition are likely to be permanent fixtures in the future banking landscape.