In this Feedback Statement, we report on the main issues arising from the Call for Input to the post-implementation review of the FCA’s crowdfunding rules and set out our next steps.
We are publishing a summary of the feedback we received following our Call for Input in July 2016, which summarised market developments since 2014 and some of our emerging concerns.
Based on our review of this feedback, together with our supervision of crowdfunding platforms currently trading and our consideration of applications from platforms for full FCA authorisation, we believe we need to modify our rules in a number of areas.
While the review is ongoing, we plan to consult early next year on rules to address some of the more immediate concerns.
Over the coming months, we will continue research into the market. This research will enable us to understand if other concerns set out in the Call for Input, flagged by respondents, or reflected in our own experience of regulating these markets represent a source of potential consumer detriment that we should act to mitigate.
If so, we will publish a second consultation proposing further rule changes.