Verified facts
The FCA's review published on 23 October found differing standards in how private equity, private credit and real-estate firms identify and manage conflicts of interest.
Alongside good practice, it identified weaknesses involving cross-fund transactions, gifts and entertainment, and information barriers. It expects firms to identify, record, manage and disclose conflicts effectively.
Apolifina analysis
Investors relying on a manager's judgement need to understand who benefits from transactions between related funds and how decisions receive independent challenge. Disclosure is useful, but a lengthy disclosure document is not itself proof that a conflict is well managed.
Uncertainty and risk
The review describes variation across firms; it does not establish misconduct by every manager or a guaranteed loss. Private-market investments can be illiquid and difficult to value. No personal recommendation is made.
Primary sources
Source released 23 October 2026. Published 28 October 2026; catch-up coverage of the original release.
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