Transact and the FSA

We at Manse Capital, work hard to ensure that we have applied robust ‘due diligence’, both for the work we undertake directly for our clients and when assessing third parties, who’s services we may employ on clients behalf. This is clearly an important part of the work we carry out for you as part of the service we provide and forms a key element of our “duty of client care” as practicing professionals.

However, there is only so much we can do and where a third party operates unilaterally in breach of the FSA regulations,  we are a little powerless to act until the issue comes to light. It is in this vein that we are very disappointed that the compliance department at Transact, (our chosen wrap provider), recently failed to meet its usual high standards.

That said, we were pleased with the speedy, honest and efficient manner with which it accepted responsibility for the error and how it has dealt with the issue. It must also be stressed that no clients have suffered any loss or have been financially disadvantaged in any way. In the link below, is a copy of the communication we received, which you may like to read.

http://www.citywire.co.uk/new-model-adviser/qanda-with-transact-why-the-fsa-hit-us-with-a-3-5m-fine/a550512