FSA's period of grace on N2 ends on 30 June

The period of grace allowed to advisers for transition to the FSA's N2 regulatory regime governing the interaction between firms and their clients, closes on 30 June. Put in place for N2, the date last year on which the FSA assumed its full powers, the period of grace was designed to allow firms a reasonable period of time to switch from the old regulatory regimes they worked under to the new FSA rules. During this period intermediary firms have been immune from enforcement action under the Conduct of Business Rules. After 30 June, adhering to the old rules will no longer protect a f...