The Financial Conduct Authority (FCA) is undertaking a multi-firm review of managed portfolio services (MPS), looking at how firms are applying Consumer Duty.
In a letter published by the regulator today (26 February), FCA director, wholesale buy-side Camille Blackburn wrote to CEOs of asset management & alternatives firms. "MPS have been growing at pace," the regulator noted. "Though MPS sit outside traditional fund wrappers, these portfolios generally invest in investment funds and asset managers are active in constructing and distributing these services." The FCA confirmed that this year, it will start a multi-firm review of MPS looking at how firms are applying Consumer Duty, to "provide confidence that investors are receiving good outc...
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