On August 29, the FSA published a statement saying that it has launched further thematic work into the wealth management sector. Statement. 

Following a review of a sample of wealth management firms, in June 2011, the FSA wrote “Dear CEO” letters to all Chief Executive Officers of firms that offer wealth management services to retail clients highlighting that the FSA’s work had identified “significant, widespread failings” in the industry.

The FSA will interview key individuals from firms that formed part of its previous work to review the approach firms have taken to remediate problems identified in client portfolios and to assess whether they have taken sufficient steps in identifying and dealing with past detriment that consumers may have suffered.

Following these interviews the FSA will consider whether to take any regulatory action. The FSA will publish its report in 2013.