FCA to quiz advisers on purpose of their due diligence

Carmen Reichman
clock

The Financial Conduct Authority's (FCA) thematic review into due diligence practices will focus on advisers' role in the process, not that of platforms, technical specialist Rory Percival has said.

The review, which is "kicking off now" with work to be done mainly in the early new year, will look at how advisers assess products and services and what barriers they may be facing in the process, he said. It will scrutinise a range of advisory firms who engage, from a series of different angles, both independent and restricted, and will cover outsourcing, he said. Percival (pictured) explained the review was needed after FCA research showed advisers in the past were failing mainly in three areas: inadequate due diligence, inadequate consideration of cost, and risk profiling and mapp...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Consumer Duty Alliance launches data forum to help with FCA expectations

Consumer Duty Alliance launches data forum to help with FCA expectations

Chaired by Model Office’s Chris Davies

Isabel Baxter
clock 26 June 2025 • 1 min read
'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

Regulators 'constraining firms', House of Lords report claims

Patrick Brusnahan
clock 13 June 2025 • 2 min read
FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read