Asset managers must reassess systems after non-compliance found in small-firm review

All asset managers are being asked to review their systems regarding high-risk investments, conflicts of interest and the Consumer Duty, after an FCA examination of small managers found variable results.

By Neasa MacErlean

While most firms were complying, there were significant exceptions - and the regulator reports it has agreed restrictions on activities with some firms, made fee adjustments, ordered product withdrawals and even initiated an orderly product wind-down.