Investment & Wealth Management Update

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 Q1 2025 we explore: 

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


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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.

2024 editions

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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