The Financial Conduct Authority's (FCA) due diligence review has been labelled "disappointing" by a consultancy, which claimed it failed to address critical issues advisers face when outsourcing portfolio construction for their clients.
The lang cat warned the FCA's work was "too high level" and failed to spot issues around adviser due diligence on the most common outsourced investment options - multi-manager (MM) and discretionary fund...
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