The Financial Conduct Authority (FCA) has opened an enforcement operation within the wealth and asset management space involving breaches to Consumer Duty.
According to a Freedom of Information (FOI) request sent by Professional Adviser sister title Investment Week, this is the only enforcement action the regulator has taken within the sector since the Duty came into force in July 2023. The FCA said it opened the operation citing a breach or multiple breaches of Consumer Duty "in respect of an asset management or wealth management firm", although it did not specify exactly what type of business was under investigation. "This operation involves one investigation against a firm and one investigation against an individual," the regulator ex...
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