FCA proposes overhaul of client categorisation rules

The proposals, set out today (8 December), respond to industry calls for a more flexible regime. Client categorisation drew on 14 detailed responses from the 16 total submissions. "To ensure the integrity of the regime going forward is not undermined by historically miscategorised clients, who do need retail protections, when our new rules come into force, firms will be required to review the categorisation of all existing elective professional clients against the new rules, within one year of them coming into force," the regulator said. "In undertaking this categorisation review, fir...