Top of the chain

The FCA has expanded the scope of its Consumer Duty so that it applies to the entire supply chain, extending the boundaries of responsibility to include fund managers, with retail investors as the end user.

However, it remains unclear how much responsibility lies with the fund manager and how much lies with the institutional investor to ensure the retail end user is sufficiently informed about the investment.

Speaking with Nneka Orji and Hassaan Noor, senior directors at Alvarez & Marsal, both shed light on the ways in which fund managers can ensure they are being fully compliant ahead of implementation of the update later this year.

Asking which type of pensions this change will affect, Noor replies: “The update is more related...