FSA's Sants warns against standardised portfolios

FSA chief executive Hector Sants has warned private client managers against running standardised por...

FSA chief executive Hector Sants has warned private client managers against running standardised portfolios as it may breach treating customers fairly requirements. Speaking at the recent Association of Private Client Investment Managers (Apcims) conference, he said advisers must ensure their approach is geared to an individual customer’s unique needs. “Standardised portfolios are a sensible starting point but do not forget TCF is geared to the needs of individual customers,” he added. Meanwhile, he also said adviser firms must also consider how their reward culture plays its proper p...