A rather confused picture appears to be emerging of the overall effectiveness of advisers' due diligence process when selecting DFMs, multi-managers and other outsourced investment solutions.
Industry commentators have raised concerns the FCA's recent thematic review into adviser due diligence failed to address critical issues faced when outsourcing investment portfolio construction for clients. Instead, its focus seemed to be firmly on problems relating to platform research and due diligence. According to the lang cat consultancy, the regulator's "high level" report overlooked difficulties such as disparate fund charging data and reporting shortages on discretionary fund management (DFM) and multi-asset products. Step by step: Tackling the FCA's due diligence 'checklist' ...
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