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Investment Research · MPS due diligence

The research that defends the panel

MPS due diligence is the discipline of researching the Model Portfolio Services on a firm's panel — manager process, fee transparency, performance attribution, distribution-chain reconciliation. The FCA's 2025 multi-firm review raised the bar; the pieces here cover what now stands up.

Putting an MPS on the panel is a research decision. Keeping it on the panel is a continuing one. Under Consumer Duty, the IFA firm is part of the MPS distribution chain — fees, target-market alignment and value-assessment outputs all have to reconcile. The pieces below cover the working discipline. Cluster sits inside Investment Research and reads alongside CIP / CRP.

More content coming through Q3 2026 — the manager-research scoring template, the cost-disclosure reconciliation pattern, and the performance-attribution review cycle.