Will Winterton, senior associate at Clifford Chance, said that the recent FCA asset management study - which found shortcomings in the fund management sector - was likely to lead to change.
Speaking about Regulation post-Brexit he said the UK's regulators would be likely to use the asset management study to force through change, particularly on value for money for investors and price competition.
He said that while the post-Brexit regulatory scenario was "such a blank landscape" it was difficult to predict what would happen in terms of regulation post-Brexit there was a "regulatory pipeline" of changes coming that would change the way fund managers and advisers work.
He said: "The FCA market study on asset management looked at competitiveness within the industry. The paper has provoked a lot of feedback. To summarise briefly, the initial conclusions weren't massively flattering on some aspects of the industry, noting weak price competition.
"In terms of proposals for remedies, there's nothing horrific in the report such as price caps or divestment but there is talk about a duty for asset managers to act in the best interests of investors, including providing value for money. It is an interventionist approach and this points to the future."
He said the regulatory pipeline was relatively clear with Mifid II, the senior managers regime and other globally-influenced rule changes on the way. These would be little affected by Brexit, he said.
He said some fund managers have told Clifford Chance that "structurally very little will change" but he said he was more concerned that retail changes may also be applied to the insitutional market.
The FCA was perceived globally as a stong regulator and often led the way. The EU would potentially miss the financial regulatory leadership post Brexit. London would also be affected.
"The key regulatory issue on Brexit is for those managers wanting to operate acrosss (EU) borders to what extent will you be permitted to delegate to your London adviser and we don't really have an answer."
"Generally in European financial regulation most of the ideas emanate from the FCA, PRA, from London. If anything the FCA will have a broader view and look at what regulators are doing beyond Europe in Hong Kong, Singapore and so on."