The FCA delays implementation of 'making transfers simpler' due to Coronavirus

The FCA has published on its website that it will delay the implementation of the new rules in PS19/29

07 April 2020

This article was written by Anna Davis.

The confirmation states that the FCA has made new rules which revise the implementation dates of the rules in the policy statement by six months from 31 July 2020 until 1 February 2021. This is to allow firms to dedicate resources to dealing with critical functions during the coronavirus outbreak.

The new rules form a package of rules for platforms to make it easier for consumers to move from one platform to another without liquidating their assets, and is part of the remedies in the Investment Platforms Market Study.

The new (and the delay) are relevant for:

  • platform service providers
  • fund managers and their service providers
  • financial advisers
  • consumers of platform services and consumer organisations

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