FCA warns fund managers after damning review of value assessments

“This means that there are different ways for firms to complete an AoV and comply with our rules.

"Firms that we judged to have good overall AoV frameworks used different approaches, but each had clearly defined procedures and metrics for collating and presenting information to AFM boards.”

Earlier this week, Morningstar editorial manager Holly Black also said there was still a "huge variation" in value assessments.

At the firm's investment conference on June 29, she said: “Just over a year in, there is a huge variation from the good, the bad and the ugly when it comes to reporting. 

“It’s surprising to see such a huge variation in length, some include board statements and only half used performance figures to assess value. 

“As an industry, we can all work together and strive for best practice to drive consistency and assessments of value that will deliver true impact.”

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