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FOS case highlights the importance of third-party due diligence

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In its ruling, the FOS pointed to FCA guidance that firms making introductions to third parties cannot afford to ignore!

A recent complaint case upheld by the FOS found that a Sipp provider failed to carry out due diligence when accepting a Sipp application, and to verify the integrity of the firm that introduced the application. While the FCA’s expectations for Sipp providers conducting due diligence is already well documented, the case raised some important points around due diligence of third parties, the need to address concerns identified and the duty of care to consumers. 

For the full article please visit www.moneymarketing.co.uk/news/it-is-vital-third-parties-are-properly-assessed-during-due-diligence/