FCA asks asset managers to protect clients against fraud

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By Najiyya Budaly (October 1, 2021, 2:48 p.m. BST) – The Financial Conduct Authority has asked wealth managers to ensure they have strict controls in place to protect clients from investing money in scams , after finding that investors were losing money to fraud.

Debbie Gupta, FCA’s director of consumer investment oversight, said in a September 16 letter, released Thursday, that the regulator sees bad practices on the part of asset managers who are trusted to manage the customers’ money by investing in inappropriate products or investment scams and market abuse.

The letter was addressed to the CEOs of asset managers and stated that the industry facilitates scams, financial crime …

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