All 400 wealth managers refresh KYC now, but 26% record no expected activity

Excluded from normalized aggregate trends after staff review: 3056 posts were attributed to March 2026; 671 shared March 14, 2026. The preceding six-month median was 13.5 posts.

Review evidence: 3,056 posts in March 2026; 671 shared March 14, 2026; preceding six-month median 13.5. Reviewed August 9, 2026.

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The FCA’s Wealth Management Survey Report 2026, published on 18 August and based on self-reported information from around 400 firms serving more than 5.5 million retail clients and managing nearly £1 trillion, found that all respondents now refresh Know Your Client checks, compared with 8% that reported no refreshes in 2023/24. However, the report identified significant weaknesses in the information and screening controls that support effective ongoing monitoring: 26% of firms do not collect expected transaction frequency, 13% do not record expected investment amounts, about 10% do not verify source of wealth, around 6% do not check for politically exposed persons, and around 7% do not conduct sanctions screening, while some also omit adverse-media checks or timely higher-risk-client reviews. The FCA said these gaps can hinder detection of suspicious activity, identification of high-risk clients, and compliance with legal duties, noting that PEP and source-of-wealth checks are required in relevant circumstances and sanctions breaches can constitute criminal offences. Because the figures come from a non-random, self-reported survey, they should be read as a minimum indication of control gaps rather than definitive sector-wide rates, though a separate July 2026 FCA review of asset managers reported broadly similar issues.

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