Wealth managers risk enforcement as FCA 'runs out of patience'

clock •

Wealth management firms are facing more serious consequences from a failure to meet suitability requirements as the regulator puts practices under fresh scrutiny.

It follows a week in which the Financial Conduct Authority (FCA) revealed it is turning a new spotlight on wealth managers' practices. The watchdog's 2015/16 business plan, published last Tuesday, reported an ongoing investigation into “improvements in suitability standards across wealth management”. The regulator was tight-lipped on details of the probe, which began at the start of 2015 and is scheduled to conclude in the fourth quarter, but has confirmed it constitutes a thematic review of standards. Professional Adviser sister title Investment Week understands the latest review ...

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

FOS partially upholds complaint against SJP for failing to provide annual reviews

FOS partially upholds complaint against SJP for failing to provide annual reviews

SJP failed to provide five annual reviews for client

Sophia Panayi
clock 23 September 2026 • 3 min read
FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

Regulator's Kate Tuckley gives update

Isabel Baxter
clock 08 September 2026 • 3 min read
DB transfer adviser hit with provisional FCA ban and £742,700 fine

DB transfer adviser hit with provisional FCA ban and £742,700 fine

Daniel Thomas advised 53 clients, including four British Steel scheme members

Sophia Panayi
clock 03 September 2026 • 2 min read