Last year the FCA consulted on changes to align its Handbook with the new Regulation on European long-term investment funds (ELTIF Regulation). The ELTIF Regulation is directly applicable in member states and has applied from 9 December 2015.
The FCA also consulted, jointly with the Financial Ombudsman Service, on rules regarding redress arrangements for eligible retail investors in ELTIFs. Overall, the response to the joint consultation was positive but the FCA considered that the issues raised in relation to the redress proposals needed further consultation. The FCA has now published a notice that provides feedback and an explanation of how the final rules concerning redress differ from those that were consulted on. In particular the FCA states that it intends to implement its proposal for ELTIFs as consulted on, with the exception of ELTIFs set up as investment trusts.
View FCA supplement to Handbook Notice 32 and Handbook instrument applying FCA redress rules to ELTIFs, 28 April 2016