The UK's Financial Conduct Authority (FCA) is proposing changes to the way asset managers pay for research on stocks, signaling a shift from the current MiFID II regulations that require separate payments for research and trading services. This move, aimed at loosening the MiFID research unbundling rules, has been met with various reactions. The FCA's consultation suggests a return to combined fees for research and trading, a practice that was restricted under EU rules which the UK had previously supported. The proposed changes are seen as a significant reversal of the MiFID rules on investment research, affecting the £9 trillion industry.