FCA: Best execution in UK listed cash equities – wholesale banks

FCA has published the findings from its multi-firm review of how wholesale banks deliver best execution in UK listed cash equities.  FCA was encouraged to find stronger practices compared to its 2014 thematic review.  However, FCA notes that the least progress had been made in the area of governance and oversight – specifically, it found the need for improvement in the challenge from the second line of defence.