FCA to consult on SMCR enhanced scope coverage

FCA is to consult shortly on changes to clarify the scope of firms that fall within the scope of Enhanced Scope SMCR firms.  When it renamed and moved the definition of “Significant IFPRU firm” as part of its IFPR implementation, one consequence was that the new definition of “Significant SYSC firm” could result in more firms being brought into Enhanced scope than had previously been the case.  FCA did not mean that to happen, and plans to confirm that only firms that would have been both Significant IFPUR firms and IFPRU investment firms under the previous definitions are intended to fall within the Enhanced Scope firm bucket.

Emma Radmore