Investec merger hampered Rathbones’ consumer protection rules rollout
Summary
Rathbones’ merger with Investec Wealth & Investment UK put pressure on its rollout of Consumer Duty controls. Internal resources shifted to combining technology and office operations instead of focusing on customer protection work. The firm later suspended onboarding for some clients needing extra checks while it strengthened internal procedures. The FCA’s ongoing supervision surfaced issues tied to investment culture, client outcomes, and financial crime controls.
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