FCA investigates JOHCM over dealing commissions

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The Australian parent of J O Hambro Capital Management has confirmed the FCA is investigating the UK asset manager over dealing commission.

BT Investment Management confirmed the investigation relates to approximately $8.6m of services paid for between 2006 and 2016 and that the investigation was ongoing.

In March the regulator concluded investment managers were failing to meet their expectations on deal commission following a review analysing expenditure across 31 firms. It followed a thematic review of conflicts of interest in asset management launched by predecessor regulator the FSA in 2012.

The review said the FCA would continue to focus on the use of dealing commission and consider appropriate action where breaches of rules or principle breaches were identified.