Wealth managers have called on the FCA to take “meaningful action” on fund best buy lists.

This is to “ensure the appropriateness of the fund recommendations for a mass market retail audience and the frequency and transparency of the due diligence process for funds on best buy lists is clear,” James McManus, chief investment officer at Nutmeg, said in response to a “Dear CEO” letter sent by the FCA yesterday (6 February).

The letter warned that conflicts of interest, if not appropriately identified and managed, can lead to customers receiving poor value for money and/or products and services that don’t sui...