Rathbones has pushed pause on taking on high-risk clients and will embark on a two-year programme of work after a Skilled Person Review found areas for improvement.
The review, which followed engagement with the Financial Conduct Authority, found that more work was needed on Rathbones' implementation and embedding of Consumer Duty, as well as certain aspects of its compliance, oversight and assurance arrangements. In addition to the two-year programme, Rathbones will conduct a targeted review of a "portion" of its clients to assess whether they have received good outcomes, according to a regulatory update from the wealth management business shared this morning (16 June). Rathbones shares slid on the news, down more than 17% at time of reporting. ...
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