The Financial Conduct Authority has launched its quarterly consultation on targeted Handbook changes spanning cryptoassets, retail investments, fund reporting and complaints handling. The main proposals would provide limited deferrals from parts of the cryptoasset regime taking effect on 25 October 2027, allow qualifying fractional shares to be promoted to all retail investors as readily realisable securities and introduce more timely Money Market Fund reporting. For the cryptoasset regime, qualifying assets already trading when a platform becomes authorised could receive up to six months for completion of the required pre-admission assessment and publication of a Qualifying Cryptoasset Disclosure Document. Platforms and intermediaries using the deferral would have to disclose the reduced information and protections available to retail investors and provide warnings before execution. The FCA also proposes three-month deferrals for execution venue and final execution policy requirements. Separately, fractional shares would qualify as readily realisable securities where they are backed by an underlying readily realisable share or unit, give the investor a beneficial or equivalent interest and can be sold back on demand at a proportionate price. Derivatives such as contracts for difference and spread bets would remain outside this treatment. Money Market Fund managers would move from daily net asset value reporting to weekly submissions covering valuation, liquidity, maturity, investor concentration and flows, with daily values required for some metrics. The weekly requirement is intended to begin with the wider Money Market Fund reforms in the third quarter of 2027, before quarterly reporting is integrated into the Fund Reporting for Asset Management Entities framework in 2028. Other proposals would clarify Consumer Composite Investment disclosures and extend compliance until 8 June 2028 for products closed to new business, remove duplicate complaints reporting and confirm publication requirements for payment services and e-money firms receiving at least 500 complaints in six months, and enable Lloyd’s to replace its two-stage complaints process with a single stage handled by managing agents. The consultation also includes minor updates to savings disclosure guidance.
2026-09-02Financial Conduct Authority
Financial Conduct Authority consults on crypto regime deferrals, fractional share promotions and fund reporting changes
The Financial Conduct Authority is consulting on targeted Handbook changes, including limited crypto regime deferrals, broader promotion of qualifying fractional shares and revised Money Market Fund reporting. Existing cryptoassets could receive up to six months for admission assessments and disclosures, while execution requirements could be deferred for three months. The package also adjusts Consumer Composite Investment disclosures and implementation timing, complaints rules and Lloyd’s complaints handling.