While advisers busily scrutinise platforms, discretionary fund managers (DFMs) have slipped under the radar - until now. Rebecca Jones shows you how to pull them over coals too.
The Financial Conduct Authority’s (FCA) most recent platform paper, published in April, put due diligence under the spotlight as it set out new, stricter rules for how advisers vet the platforms they use. However, while 65% of advisers reportedly plan to carry out extra due diligence on their platforms, it seems that far fewer are planning to scrutinise their discretionary fund managers. According to partner and head of UK IFA sales at Smith and Williamson Mickey Morrissey, this is set to change. “The emphasis in the last year or two has been on due diligence on platforms, but the are...
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