Under the ‘Reliance on others’ rule (COBS 2.4.4) in providing its discretionary management service, a DIM may rely on information provided to it about the client by another investment firm. Typically this will be an adviser firm. The adviser firm will be responsible for ensuring that the recommendation to use a discretionary management service is suitable for the client.
We have prepared some new guidance to summarise the main considerations for DIM firms when acting in this capacity.
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