Investment & Wealth Management Update

Publication
Updated: 

Welcome to our quarterly investment and wealth management update, providing you with a summary of the key regulatory developments and emerging business risks relevant for all designated investment firms and wealth managers.

Our FS Advisory Services team work with a broad range of investment and wealth management firms, including platform providers and administrators, as internal auditors and advisors, giving us an extensive perspective on the issues facing the sector. The insights are aggregated across our in-house research, client base, and the Regulators and professional bodies, including the Chartered Institute of Internal Auditors (CIIA), to support your audit plans and wider business activities.

In our latest update covering Q3 2025 includes a special look at FY26 audit planning and the sector's hot topics to be considered for the 2025 audit plan, covering:

  1. Corporate Governance
  2. ESG & Sustainability
  3. Culture and behavioural risk
  4. Consumer Duty
  5. Financial crime
  6. Tax governance
  7. Prudential
  8. Digital


In addition to audit planning we have also taken an in depth look at some of the key challenges facing the sector, including:

  • UK National Risk Assessment of Money Laundering and Terrorist Financing 2025 published
  • The UK Data (Use and Access) Act 2025 – Considerations for Financial Services
  • Upcoming amendments to FRS 102
  • IIA Topical Requirement: auditing organisational behaviour
  • Are you ready for Provision 29 of the new UK Corporate Governance Code?
  • Is HMRC’s progress in tackling error and fraud in R&D claims actually a success?
  • FCA CP25/18: Tackling Non-Financial Misconduct in Financial Services
  • The FCA updated expectations on Climate-related reporting timings for asset managers,
  • life insurers and FCA-regulated pension providers
  • UK Cyber Security & Resilience Bill – what financial services firms need to know
  • UK Corporate Governance Compliance: Why IT is now pivotal
  • Strengthening CASS compliance: Why CASS internal audit matters.


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We hope this pack provides value to you and your colleagues; please do share with us any feedback you may have for future editions.

You can find more information about our internal audit and advisory services to the Investment and Wealth Management sector here. Please do not hesitate to contact Chris Bellairs or your usual BDO contact if you have any concerns or questions relating to anything highlighted in our updates.


Previous editions

In this edition you will find: 

  • The regulatory grid and what is on the regulatory change horizon
  • The National Crime Agency's 2025 National Strategic Assessment of Serious and Organised Crime
  • The Government's R&D tax relief consultation on advanced clearances
  • The IIA's Cybersecurity Topical Requirement
  • Driving quality in internal auditing by Harnessing the power of EQAs
  • Confronting Non-Financial Misconduct in Financial Services
  • Navigating the future by embracing change in risk management
  • What has happened in the first year of the Anti-Greenwashing Rule
  • The hot topics from FCA supervisors in the wealth sector
  • The prudential consolidation rules in MIFIDPRU
  • Liquidity risk management and the FCA's multi-firm review of wholesale trading firms
  • The wealth and asset management sectors "complacency" with its financial crime systems and controls.

In this edition you'll find:

  1. Recent Information Commissioners’ Office enforcement action
  2. Auditing Diversity Equity and Inclusion and Socio-Economic Diversity
  3. What is the UK Green Taxonomy Consultation?
  4. Reminder: New Failure to Prevent Fraud Offence
  5. 2024 Deals Overview: Steady Growth facing Market Challenges
  6. Spotlight on Vulnerable Client Regulations.

November and December

In this edition you'll find:

  1. Three takeaways from the United Nation’s COP 16
  2. Information sharing measures in the Economic Crime and Corporate Transparency Act 2023
  3. New Failure to Prevent Fraud Offence
  4. VAT Document for “Internal Controls”


October

In this edition you'll find:

  1. Internal Audit-led penetration testing
  2. FCA portfolio letter
  3. Appointed Representatives
  4. Corporate Governance
  5. Compliance with mandatory TCFD requirements
  6. FCA publishes Market Watch 80

September

  1. Technology, Cyber, Digital and Data 
  2. ESG and Sustainability
  3. Economic Crime 
  4. Prudential Regulation
  5. Governance, Risk and Conduct
  6. Tax Governance



1. The King’s Speech: What’s next or FS firms?
2. ESG Update
3. Assessing the effectiveness of the Second Line
4. Data Protection Update
5. Economic Crime Update

June

In this edition you will find: 
  1. AI Update 
  2. ESG Update 
  3. ECA Update 

May

In this edition you will find:

  1. Changing Perspectives transitioning from HoIA into AC Chair
  2. ESG Update
  3. Consumer Duty Update
  4. Digital Update
  5. Economic Crime Update
  6. Internal Control Frameworks


April

In this edition you will find:


  1. FCA Business Plan
  2. Treatment of Vulnerable Customers
  3. Data Protection Update
  4. >ESG Update
  5. Economic Crime Update
  6. Digital Update



In this edition you will find: 
  1. Non-Financial Misconduct
  2. Consumer Duty Update
  3. ESG Update
  4. Economic Crime Update

In this edition you will find: 
  1. 2024 Global Internal Audit Standards 
  2. 2024 Regulatory Priorities 
  3. AI in Financial Services 
  4. ESG Update 
  5. Data Protection Update 
  6. Tax Update - R&D
  7. Economic Crime Update 
  8. Consumer Duty Update

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