The FCA has published its report of its thematic review (TR15/12) of wealth management firms and private banks and the suitability of investment portfolios. The report sets out the FCA's findings following its review of the suitability of discretionary and advisory investment portfolios managed by wealth management and private banking firms for retail customers. The FCA's key messages following the review are that: (i) many firms still have to make substantial improvements in gathering, recording and regularly updating customer information to support the investment portfolios they manage for customers; (ii) firms must do more to ensure the composition of the portfolios they manage truly reflects the investment needs and risk appetite of their customers; and (iii) firms need to ensure that their governance, monitoring and assessment arrangements are sufficient to meet their regulatory responsibilities in relation to suitability. The FCA reminds firms that some of the provisions of MiFID II will apply to firms providing portfolio management services to retail customers and advises firms to start planning for the changes to be brought in under MiFID II ahead of its implementation.