Here we provide an update on our approach to last August’s consultation[1] on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes.
Further to discussions with stakeholders, there remain important issues for us to consider and our proposals were not submitted to the FCA Board in April as originally planned. We are working towards publishing our final policy statement as soon as possible this year. We will take account of the later publication date when setting the implementation date for any new rules.
We remain committed to providing clarity for firms as soon as possible, but this is a complex area and it is important to allow the time to get it right.