On 6 September 2024, the FCA published Consultation Paper 24/18: Quarterly Consultation Paper No.45 (CP24/18).

In summary, in CP24/18 the FCA is proposing to:

• Change the definition of ‘firm’ to clarify that designated coordination bodies fall within the remit of the Enforcement Guide and Decision Procedure and Penalties Manual.
• Allow a non-Undertakings for the Collective Investment in Transferable Securities retail scheme to be exposed to long-term asset funds without the constraints of the second scheme rules.

The deadline for comments on CP24/18 is 11 October 2024.