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Wealth Management annual review of 2023

25 January 2024
0022 Financial Services WT

Our Financial Services Regulatory lawyers and Regulatory Consulting team are delighted to present our Wealth Management Annual Review of 2023.  Like those before it, our fourth edition covers everything you need to know about regulatory developments in the UK retail investment sector.

The year began with the lead-up to the Consumer Duty and ended with a barrage of pre-Christmas 'gifts' from an increasingly interventionist and politicised regulator.  We reflect on a year of dynamic changes and challenges within the wealth management sector and look ahead to a year of likely further turmoil, which has already started for those responding to the FCA's Dear CEO letter on retention of client interest.

Within the pages of this report, we address the driving force of the Consumer Duty which remains prominent – pre-eminent even. We explore the nuances of regulatory Due Diligence in wealth management M&A, the rapid developments in Financial Promotions rules, the embedding of the IFPR and the recent 'polluter pays' capital deduction for redress proposals, challenges related to Financial Crime for wealth managers, a Sanctions update, transformative changes in the ARs Regime, the 'Integrity Gap' as a vital ESG consideration, hot topics in the personal pension and SIPP market, the Advice Guidance Boundary Review and the escalating regulatory burden on Platforms, and the FCA's recent challenges delivering Enforcement outcomes in the higher Courts.

Please contact the authors or editors if you want to discuss anything of particular interest or relevance.

Further Reading