Just over three years on from the FCA’s Thematic Review, Milestone Group explores how fund managers have dealt with one specific issue raised: oversight. Oversight is where fund managers have outsourced fund processing or fund accounting activities while maintaining independent in-house verification of service providers’ outputs. This was one of the first times it has been highlighted as an issue within the industry.
The findings show the importance fund managers are now placing on oversight practices, but more importantly the idea of continued improvement within the industry, with 40% having reviewed processes in the past 12 months and another 40% reviewing it in the coming year.
Fund managers stated that corporate activity and changes to third party administrator arrangements were two of the key reasons for reviewing oversight processes.
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