Some wealth managers are unclear and inconsistent in their communication with clients regarding in-house fund ranges, a Financial Conduct Authority (FCA) review has found.
The regulator has concluded its review into conflicts of interest arising from in-house products (IHPs) launched by wealth management firms, which it began earlier in the year. The probe has been a significant hindrance for some firms looking to launch in-house products, with a number of wealth managers abandoning these plans. The review concentrated on a sample of 18 wealth management and private banking firms managing a total of £146bn in retail assets, which invested about 20% in products managed by a party connected to the firm. Though the review found the groups took appropria...
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