22 Structure of arrangements - Agent as client Reporting to investors Adviser With a discretionary management arrangement, investors need to be provided with certain reports including quarterly valuations. Advisers need to ensure that their contractual arrangements with DIMs and platforms set out clearly who is responsible for ensuring this information is provided to investors. This is particularly important under the Consumer Duty ‘Consumer Understanding’ outcome. It is important that both responsibilities for reporting, and timeframes within which the reporting will be carried out, are clear. Investors need to receive accurate and timely information about their investments. Under the agent as client arrangement, information will be provided by the DIM to the adviser, typically via the platform. It is the responsibility of the adviser firm to ensure that the information is provided to the investor, whether that be via a platform or directly from the adviser. Discretionary Investment Manager DIMs need to ensure that they have arrangements in place for communicating the information required for quarterly valuations in a timely manner to adviser firms. In scenarios where the DIM’s services are provided via a third-party platform, the platform will generally produce and provide the required reports. The onus is then on the adviser firm, typically through its arrangements with the platform, to ensure this information is provided to the underlying investors. Chapter two - Structure of arrangements - Agent as client
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