The FCA has published a notification form for firms selling or advising on structured deposits. The FCA notes that firms need to notify the FCA before 3 January 2018 to add structured deposits to their permissions if they hold one or more of the following permissions:
- dealing in investments as agent;
- arranging deals in investments;
- making arrangements with a view to transactions in investments;
- managing investments; and
- advising on investments.
The FCA notes that firms should complete the form and email it to SDnotifications@fca.org.uk by 2 January 2018. The FCA states that it will aim to process notifications within 10 working days of receipt. Any firm that does not submit an application by 2 January 2018 will not be able to sell or advise on structured deposits after that date. The FCA encourages firms to submit notifications early to ensure that the new investment type is reflected on the Financial Services Register from 3 January 2018, as it expects a large number of notifications.