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Exclusion exemption

by Silvia Saccardi 6 December 2022

The FCA’s quarterly consultation paper has proposed changes to Consumer Duty definitions which will affect UK fund managers.

Fund managers will need to pay particular attention to the FCA’s application of the Duty to non-retail financial instruments. The clarification revealed that GPs with retail investors in their funds, including HNWIs, with minimum investment amounts of £50,000 will not be exempt from Consumer Duty.

According to the FCA, while the exclusion is intended for use in relation to purely wholesale activities, the current wording is susceptible to misinterpretation, as it could be construed to exclude certain retail activity.

Categories: NewsFundraising & fund structuringFund docsODD / DDQRegs & ComplianceRegulatory update

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