Rathbones Group (LSE:RAT) has undertaken a Skilled Person Review after engagement with the Financial Conduct Authority that identified areas for improvement in its UK wealth management business' implementation of Consumer Duty and its compliance, oversight and assurance arrangements.
The Group, one of the UK's leading providers of investment and wealth management services for private clients, charities, trustees and professional partners, is taking a series of voluntary measures while it implements changes to procedures and controls.
For up to twelve months Rathbones will pause onboarding new clients who require enhanced due diligence (EDD), and it says relevant gross inflows from such new EDD clients were approximately £370 million in the last twelve months.
It has also paused acceptance of inflows into general investment accounts from some existing EDD clients, a cohort of around 4,700 clients (4% of its 119,000-client base), whose relevant gross inflows were approximately £530 million in the last twelve months.
"The work we are undertaking will support and accelerate our vision to be the best wealth manager in the UK, by far," said Jonathan Sorrell, Chief Executive Officer.
