FCA to scrutinise wealth managers' business models

The Financial Conduct Authority (FCA) is set to examine wealth managers' and private banks' business models as it establishes a new division to scrutinise the sector.

Its risk assessment work will no longer focus on firms' controls but instead look at their business models, strategies, culture and front-line processes. The FCA has set out its expectations of wealth management firms as it puts the finishing touches to a new division that will oversee the sector. FCA director of supervision Clive Adamson (pictured) said the regulator will conduct further thematic reviews targeting wealth managers - it previously carried out reviews in 2010 and 2012 - but outlined the key areas firms should focus on to ensure they do not come to the attention of the F...