While mentioning MPS on platform, ensure you adjust your investigations appropriately. There may be differences in portfolios from direct DFM custody as a result of the platforms access to various funds and vehicles.

The majority of service elements would be provided by the platform rather than the DFM and there may be no personal or contractual relationship between DFM and client – this means almost all suitability responsibility ought to be picked up by the adviser (the exception being the DFM is still responsible for following his mandate).

Don’t forget to document all the findings so the process is repeatable for future reviews, and importantly, available to demonstrate your good practice to the regulator.

Fraser Donaldson is insight analyst (investments) for Defaqto