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ARTICLE · 24 JUNE 2025

Are The Storm Clouds Gathering For MPS Providers?

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The FCA announced in its recent asset management and alternatives portfolio strategy letter that it will start a multi-firm review of model portfolio services (MPSs) this year.

United KingdomFinance and Banking
Alexandra Green
Alexandra Green

The FCA announced in its recent asset management and alternatives portfolio strategy letter that it will start a multi-firm review of model portfolio services (MPSs) this year. The timing for this review, and whether it will land this side of the summer, remains uncertain for now.

What is clear is that the FCA intends to examine how MPS providers are applying the Consumer Duty, and issue good and bad practice guidance, in light of its findings. If the FCA does not like the consumer outcomes it identifies, it seems likely it will follow up with firms on an individual basis.

So, will this be a repeat of the regulatory scorched earth we saw when the Consumer Duty was reviewed in the adviser, and to an extent, platform markets?

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