FIN.

FCA extends 10% depreciation guidance

FCA is giving a further 6 month extension to its measures on 10% depreciation notifications.  Its first set of measures expire on 30 September, and it is extending them such that it will not take action for breach of COBS 16A.4.3 for services offered to retail investors provided there has been at least one notification that their position has decreased by at least 10% in the reporting period.  Firms must also tell investors they may not receive any further notifications should it fall more and referred them to where updates can be found and how they can check their portfolio value and get in touch with the firm.

For professional customers, there will be no breach provided firms have given customers the choice to opt-in to receiving notifications.

Emma Radmore