Many advisers not sufficiently informed on multi-manager claims FSA

Many smaller advisers are failing to give sufficiently informed advice on multi-manager and cannot e...

Many smaller advisers are failing to give sufficiently informed advice on multi-manager and cannot explain why such funds meet customer needs, FSA research has revealed. Several were also unaware of the affect total charges on multi-manager could have on performance and some did not even know the level of fees until pointed out. According to the regulator, most suitability letters contained insufficient information on the pros and cons of multi-manager for clients to reach an informed decision on the firm’s recommendation. To analyse the recent sales boost in the area, the FSA asked s...