Treasury and FCA have published the record of their July meeting to discuss aspects of the regulatory perimeter. The issues discussed included:
- discussion of FCA’s plans around expectations on firms carrying out crypto-asset activity generally, as well as the (now in force) marketing restrictions;
- that Treasury was still considering responses on its BNPL consultation;
- that Treasury is considering whether there is any need for reform of the Overseas Persons Exclusion;
- agreement on bringing investment consultants into the regulatory perimeter, with Treasury to set out timelines for consultation “in due course”; and
- that FCA has clarified that there are several products that are fundamentally gambling products (often based on sport or celebrity performance) but that use financial terminology that fall outside the FSMA regulatory perimeter and often also the gambling perimeter. There was a discussion on whether it could be made clearer to customers that products like this are outside the regulatory perimeter and therefore not eligible for regulatory protections or compensation schemes.