DFMs enhance adviser due diligence ahead of Consumer Duty

This is according to NextWealth's latest managed portfolio service (MPS) proposition comparison report for June 2023, which includes data from 14 DFMs. The majority (93%) of DFMs have completed a fair value assessment in the last 12 months and NextWealth said most thought advisers offering tailored or co-branded MPS are co-manufacturers under new Consumer Duty rules. Managing director Heather Hopkins said: "Financial advisers are manufacturers of an advice service under Consumer Duty rules but there is a lot of confusion about who is a co-manufacturer of the investment proposition. ...