Navigating the evolving landscape of wealth management: A global perspective

The global wealth management industry is undergoing a metamorphosis, driven by multiple factors: burgeoning wealth in Asia, increasing prevalence of family offices, technological advancements, and a dynamic regulatory environment. In this environment, clients recognise that partnering with the right wealth manager is not merely advantageous, but essential.

Regulators worldwide are rapidly adapting to the evolving dynamics of wealth creation and management. In jurisdictions where Lighthouse Canton maintains a presence, including Singapore (regulated by the Monetary Authority of Singapore, MAS), Dubai (regulated by the Dubai Financial Services Authority, DFSA), India (regulated by the Securities and Exchange Board of India, SEBI), and the United Kingdom (regulated by the Financial Conduct Authority, FCA), regulatory frameworks are being continually fine-tuned to balance industry growth with the paramount objectives of accountability, transparency, and trust. For clients, this dynamic landscape presents both opportunities and challenges, underscoring the critical importance of selecting a capable and trustworthy wealth manager.

Over the coming months, Dinesh Gogia , Managing Director and Global Head of Risk, Compliance and Technology explores with Lighthouse Canton ’s IDEAs: Views & Insights, how global governments and regulators are adapting their frameworks to keep pace with the industry's rapid growth.

Read full article here: www.lighthouse-canton.com/insights/navigating-the-evolving-landscape-of-wealth-management-a-global-perspective

Striking a balance: A jurisdictional overview

In Singapore, the MAS has consistently demonstrated leadership in cultivating a forward-thinking regulatory ecosystem.?

Recent initiatives include a refined tax incentive framework for single family offices, designed to stimulate local spending, philanthropic activities, and the employment of investment professionals, thereby supporting the broader growth of the fund management industry. Simultaneously, the MAS has strengthened its anti-money laundering and counter-terrorism financing (AML/CFT) framework and revised the Fit and Proper guidelines for financial services professionals. The MAS actively engages in consultations with industry stakeholders to ensure its policies remain aligned with market needs, fostering deeper integration of family offices within Singapore's economic and social fabric.

In India, SEBI has intensified its oversight of wealth managers, particularly in response to the growing number of ultra-high-net-worth individuals (UHNWIs). Concurrently, SEBI has implemented measures to enhance ease of doing business, strengthen market infrastructure, and bolster investor protection. Recent updates to the Alternative Investment Fund (AIF) regulations have introduced greater transparency in fund structures and more stringent disclosure requirements. Furthermore, SEBI has reinforced reporting, disclosure, and due diligence requirements for market participants, ensuring enhanced safeguards within an increasingly complex investment landscape.

In Dubai, the DFSA has adopted a comprehensive approach to financial supervision, exemplified by the DFSA Rulebook. Recent updates, informed by consultations with market participants, have focused on enhancing conduct of business standards, AML/CFT measures, and audit requirements. These enhancements ensure that institutions serving wealth management clients are not only held accountable but also equipped to protect client assets in an increasingly complex global environment.

In the UK, the FCA has sharpened its focus on suitability and transparency. Wealth managers are now subject to the Consumer Duty rules, which mandate that firms prioritize client interests, offering products and services demonstrably aligned with their financial goals. The FCA has also proactively addressed AML concerns by implementing measures to strengthen due diligence in onboarding high-risk clients, including UHNWIs operating across multiple jurisdictions.

Read full article here: www.lighthouse-canton.com/insights/navigating-the-evolving-landscape-of-wealth-management-a-global-perspective