Wealth management firms are facing more serious consequences from a failure to meet suitability requirements as the regulator puts practices under fresh scrutiny.
It follows a week in which the Financial Conduct Authority (FCA) revealed it is turning a new spotlight on wealth managers' practices. The watchdog's 2015/16 business plan, published last Tuesday, reported an ongoing investigation into “improvements in suitability standards across wealth management”. The regulator was tight-lipped on details of the probe, which began at the start of 2015 and is scheduled to conclude in the fourth quarter, but has confirmed it constitutes a thematic review of standards. Investment Week understands the latest review is along similar lines to that con...
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