The Financial Conduct Authority (FCA) will categorise qualifying cryptoassets as ‘restricted mass market investments’ to reduce consumer harm, it has confirmed.
The regulator said it was acting to address concerns about the ease and speed with which people can make high-risk investments and was proposing a "significant strengthening" of its rules on how high-risk financial promotions are marketed. It said this was a central element of the its Consumer Investments Strategy, published in September last year, which aimed to give" consumers the confidence to invest and reduce the number of people who are investing in high-risk products that are not aligned to their needs". Sarah Pritchard, executive director of markets at the FCA, said: "Too many...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes