On 19 June 2019, the FCA published its first annual perimeter report.
The report, which will be published yearly, sets out:
- what the FCA does and does not regulate;
- what challenges the perimeter presents and the actions the FCA is taking to overcome them;
- what this means for consumers; and
- whether there are any issues with the perimeter which might require legislative or other changes.
In terms of firm activity outside the perimeter the FCA discusses the action it is taking as regards pre-paid funeral plans, unregulated introducers, unregulated mortgage book purchasers and investment consultants and proxy advisors. The FCA also discusses the delivery of financial services using digital channels and adds that it is considering how the financial promotions regime can become more effective in the digital age. The FCA also covers cryptoassets, reminding firms that it has previously announced that later this year it will consult on a potential ban on the sale to retail consumers of products referencing some cryptoassets that are outside the regulatory perimeter.
In Annex A of the report he FCA sets out a long-list of issues and activities it has undertaken involving the perimeter in 2018/19. In next year’s perimeter report, the FCA will provide an update on these issues.