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Private Banking and Asset Management

We work with private banks and asset managers acting for retail or institutional clients. Over recent months, we’ve seen a significant increase in regulatory focus on this sector. Firms working with retail customers and those who manufacture products or funds for distribution to retail investors can expect more again with the inception of Consumer Duty. 

If firms are engaging with regulators, looking to review existing frameworks or undertaking remediation, we work with them to ensure that their systems and controls are adequate, effective and sustainable.

Our Approach

In addition to macro systems and controls assignments, we’ve helped firms to consider: 

Adequacy and effectiveness discretionary portfolio management arrangements
Including stock selection, trade execution, investment research arrangements and ability to ensure that portfolios are constructed and managed in line with customer risk profiles

Suitability and appropriateness
Including the customer need analysis and targeting of products and services at onboarding and analysis and response to changes in customer circumstances

Fees and charges
The reasonableness of the fees charged to customers and how they are communicated, from the marketing of services to the provision of customer statements

Custody and back office arrangements
Both in terms of client money and asset arrangements and systems and controls for the processing of corporate actions, dividends and other administrative functions, critical to the administration of portfolios.

In addition to these more traditional areas, Organisations working in wealth management are also focussed on:

Consumer Duty implementation
With specific requirements on firms that engage in the retail markets and asset managers that manufacture instruments for distribution to the retail market; and

The impact of monetary policy, inflation and interest rate rise
Considering the firm’s products and services and the impact macroeconomic events have on markets and the performance of customer portfolios as well as the volatility of investment funds.

We can provide the support and advice firms need whether they’re embarking on a material project, are subject to some element of specific regulatory scrutiny or are looking for an evaluation of their systems, controls or governance.