On 11 September 2023, the FCA published updated directions for the following Modifications by Consent:

  • COBS 8.1.1R – This modification is available to providers of Child Trust Funds (CTFs) wishing to move matured CTFs to a protected account ISA, or by bulk transfer to a new provider, when the client is deemed as ‘gone away’ or is uncontactable.
  • COLL 5.6.22R – Available to the depositary of a non-UCITS retail scheme (NURS) whose investment objective and policy include the power to invest in immovable property. For a NURS constituted as an investment company with variable capital (ICVC), it also applies to the ICVC itself.
  • SUP 16,23A.6(1) (previously ICOBS 8.4.4 R(1)) -This modification will enable The Employer’s Liability Trading Office to be classed as ‘an auditor’ for the purposes of SUP 16.23A.6(1).