The FCA has announced that it plans to consult further on the scope of the Client Dealing Function under the SMCR.
Key Points:
..The FCA acknowledges that the scope of the Client Dealing Function needs to be clarified, and will consult on changes to its rules.
..The FCA plans to finalise these changes ahead of the December 2019 “go live” data for solo-regulated firms.
..In the meantime, banks and insurers will be able to assume that certain administrative roles are not in scope, and solo-regulated firms may for the time being plan on the assumption that these roles are not in scope.
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