Regulatory Alerts2025-12-08
Added · Updated
CP25/37: Targeted Clarifications of Handbook Materials
The Financial Conduct Authority proposes technical changes to the Collective Investment Schemes Sourcebook (COLL) by deleting specific concentration rules and extending the transitional period for UK UCITS investment powers until 31 January 2027. Amendments to the Client Assets Sourcebook (CASS) include updates to record-keeping for due diligence, external custody reconciliation frequencies, and the treatment of bank interest on client money, with changes to come into force three months after being made. The consultation also seeks to simplify insurance and funeral plan rules by deleting product-specific requirements and PROD 4.5, while clarifying references to Principles 6 and 7 and Treating Customers Fairly. These proposals apply to regulated firms offering products to retail customers and UK authorised fund managers, with a comment deadline of 27 January 2026.
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