FSA investigates managers over outsourcing

Ed Harley, head of the FSA's asset management supervision department, said it had found evidence of cases where gaps in the investment chain had caused consumer detriment. "We're concerned we're seeing a lot of outsourcing and we're looking at the contracts to see if they are actually working to reduce the responsibilities of the asset management industry," he said. "It is a very long value chain and that can lead to confusion. We're concerned there's no single party taking an overview of the whole process, which is particularly relevant to costs and charges." That regulator was al...