Calls for common due diligence system for advisers

Creating a common due diligence framework would help financial advisers to make decisions such as selecting discretionary fund managers (DFMs), a senior figure from an investment management firm has claimed. Robin Beer, head of intermediary at Brewin Dolphin, told FTAdviser that one of the challenges advisers face is a lack of consistency in due diligence procedures.

Due Diligence

In February this year, the Financial Conduct Authority (FCA) released the findings of a review showing that advice firms generally demonstrate good practice on due diligence, but greater consistency is needed.

The report revealed that those businesses getting due diligence right were more likely to have a “culture of challenge”, where staff feel that they can question the methods being used. In firms where there is a tendency to stick with the status quo, employees are less likely to ask whether they should continue to recommend certain products or services.

Read the full article below:

Calls for common due diligence system for advisers | Bureau van Dijk blog

30 June 2016 Creating a common due diligence framework would help financial advisers to make decisions such as selecting discretionary fund managers (DFMs), a senior figure from an investment management firm has claimed. Robin Beer, head of intermediary at Brewin Dolphin, told FTAdviser that one of the challenges advisers face is a lack of consistency in due diligence procedures.


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