Thematic Review Team-Asset Management Supervision

Our Role

The Thematic Review Team is a cross-Directorate review team responsible for conducting themed reviews on a range of supervisory topics, with a view to assessing if firms are complying with the applicable regulations and are utilising good practice in relation to the topic in terms of policies, controls and procedures. Thematic reviews are used to identify adverse practices, trends and to facilitate the issue of further guidance or direction to industry in addition to initial remedial action against non-compliant firms.

Thematic Reviews include:

  • On-site inspections;
  • Desk-based reviews; and
  • Continued supervisory engagement.

Previous Thematic Reviews


  • Outsourcing Arrangements - Analysis and testing of the monitoring and reporting tools employed by firms to mitigate and manage all outsourcing risks. The outcome of this review was published on 19th December 2016.
  • Director Time Commitments (Sub Funds) - Review of the time commitments associated with sub fund governance. Director Time Commitments Industry Letter was issued on 8th September 2016
  • Risk Function- Investigation of the risk culture and the operation of the risk function, including; governance arrangements, sub-committees, risk ownership and responsibility. The outcome of this review was published through an industry letter and press release.


  • Depositary Oversight- Investigation of how the provision of a qualified report is decided or reached by the fund depositary and the criteria used for the issuance of a qualified or unqualified depositary report.
  • Cyber Security - Industry letter- Examination of the policies, procedures, oversight, access and testing of systems that firms utilise in order to mitigate cyber security risks. The outcome of this review was published through an industry letter.
  • Treatment of NAV Errors- Examination of the processes that Fund Administrators have in place for the treatment of NAV pricing errors.
  • Proprietary Trading- Review of the governance and control environment for MiFID firms dealing on their own account.

Contact details

Any queries on conduct can be directed to the Thematic Supervision Team at [email protected].