January Monthly Regulation Update
By Kyte Ekstrom | Brexit, Covid 19, FCA Regulation, FinTech | 0 Comments
FCA Statement on Further Extending Flexibility on 10% Depreciation Notifications – COVID-19
Temporary measures have been in place since March 2020 regarding the requirement for firms to issue 10% depreciation notifications to investors (COBS 16A.4.3 UK). The measures were put in place initially to help firms support consumers during market volatility linked to COVID-19 and also the Brexit transitional period.
As a result from findings of HM Treasury of their Wholesale Markets Review (WMR), the FCA is extending the temporary measures for firms for a further 12 months (until 31 December 2022) while HM Treasury and/or FCA conclude their policy work on the future of this requirement.
During this period, the FCA will not take action for breach of COBS 16A.4.3 UK for services offered to retail investors, provided that a firm has met certain specified requirements. For services offered to professional investors, the FCA will not take action for breach of COBS 16A.4.3 UK, provided that firms have allowed professional clients to opt-in to receiving notifications.
FCA: Statement: 10% depreciation notifications: further extension of temporary measures for firms
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