How much due diligence is enough?

From April 2014, advisers will be required to satisfy themselves that a platform service provider has met all of the requirements set out within the Financial Conduct Authority’s (FCA) platform paper as part of an enhanced due diligence process. An adviser survey carried out by Skandia recently found 65% of advisers will carry out further due diligence work on platforms in response to the FCA’s platform paper, while 44% said this work is already underway. However, a number of firms are reporting high numbers of advisers who are still failing to demonstrate the levels of due diligence ...