In April 2019, the Financial Conduct Authority (FCA) published the findings from its thematic review, TR19/3: Review of the fair treatment of with-profits customers. In this review, the FCA focused on the areas of with-profits fund management it assessed as presenting the highest risk of customer harm at present. These were Investment Strategy & Management, Capital Management: Estate Distribution & Fund Resolution, Capital Management: Allocation of Risk & Reward between Stakeholders, and Governance.