FCA Thematic Review: Wealth Management firms and private banks

In December 2015, the FCA published their Thematic Review on the Suitability of investment portfolios at Wealth Management Firms and Private Banks (the “Report”). In the Report the FCA has presented its findings from the assessment of over 150 files collected from 15 firms in regards to the suitability of retail investment portfolios to investors. The Report features examples of good and poor practice to help firms better understand the standards the regulator expects of them.

In the document attached below, we have provided summaries of some of these examples in each relevant category, as examined by the FCA.

 

 

To view the full TR15/12 Thematic Review: Wealth management firms and private banks – Suitability of investment portfolios please follow this link.

Firms should carefully consider the above good and bad practice examples in light of their own systems and controls. Should you have any questions in regards to the standards excepted from you by the FCA, Cleveland & Co, your external in-house counsel, is here to help.