The FCA today published the policy statement “PS16/8: FCA Handbook changes regarding the segregation of client money on loan-based crowdfunding platforms, the Innovative Finance ISA, and the regulated activity of advising on peer-to-peer agreements”.
This policy statement summarises and gives the FCA’s response to feedback to CP16/4: Loan-based crowdfunding platforms and segregation of client money and CP16/5: FCA Handbook changes to reflect the introduction of the Innovative Finance ISA and the regulated activity of advising on peer-to-peer agreements. The FCA also publishes the rules and guidance that will come into force on 21 March 2016 in relation to the CP16/4 proposals and 6 April 2016 in relation to the CP16/5 proposals, coinciding with the date the IFISA is introduced.
The new and amended rules and guidance will come into force on 21 March 2016 in relation to the proposals under CP16/4 and 6 April 2016 in relation to the proposals under CP16/5 to coincide with the introduction of the IFISA. Firms should consider if they are affected by this policy statement and make the necessary changes.
For the full FCA statement and the related documents, please click here.