Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

FCA's in-house funds probe enters next stage, as audit trails scrutinised

2 comments
FCA's in-house funds probe enters next stage, as audit trails scrutinised

The Financial Conduct Authority's (FCA) review of the use of in-house funds among wealth managers is gaining momentum, as audit trails come under the microscope.

Wealth Manager can reveal the review has entered its second stage and will see the regulator conduct so-called 'deep dive' audits amongst a number of private client investment divisions that allocate large sums to internal funds. It is understood that the FCA will closely examine the documentation, systems and controls concerning the decision-making process behind allocating to in-house funds.

The first stage came to a conclusion after the first quarter and involved the FCA looking at the sums that wealth management divisions allocate to in-house ranges. 

The review is set to conclude at the end of the third quarter. The FCA declined to comment on the scale of the review as it is ongoing. The regulator has previously said it is assessing how wealth managers and private banks control the conflicts of interest that arise when client assets are invested in in-house investments.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter