FCA Data Shows Rise in Cryptoasset Ownership

The FCA has issued its fourth consumer research publication on cryptoassets ownership, showing the results of a survey carried out in January 2021. This shows that an estimated 2.3 million UK adults (4.4% of the total) hold this form of investment, up from 1.9 million one year earlier. The median average amount held in cryptocurrency has risen from £260 to £300.


A New Consumer Duty (CP21/13)

The FCA published a consultation paper on 14/05/2021 wherein it proposes to introduce ‘higher levels of consumer protection’ for firms whose regulated products or services are sold to ‘retail clients’ the FCA define this as all clients other than ‘professional clients’ who are large corporate entities and government bodies, this means SMEs are included within the Consumer Duty rules. The most significant proposal within this consultation includes the FCA seeking to implement an established duty of care between retail clients and regulated firms.


FCA proposes ban on CMC phoenixing

The Financial Conduct Authority has announced plans to ban what it calls claims management company phoenixing. Usually, phoenixing refers to the situation where the assets of an insolvent firm are bought from administration or liquidation by the firm’s directors, and where the business re-commences trading as a new entity.

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