The Financial Conduct Authority has closed its investigation into MiFID II’s research unbundling rules saying they are “working well”, despite concern the regulation is putting independent researchers out of business.

The rules, brought in at the start of 2018, required asset managers to pay for research separately from execution services, and either charge clients transparently or pay for research themselves.

Concern emerged over the rules’ impact on the research market, with even FCA chief executive Andrew Bailey saying earlier this year there were questions over the future of a “sustainable and diverse rese...