PS19/29: Making transfers simpler – feedback to CP19/12 and final rules

Open consultation: CP19/12
14/03/2019
Consultation closes
14/06/2019
Policy Statement
13/12/2019
13/12/2019
Consultation Paper on exit fees
Summer 2020

This Policy Statement (PS19/29) summarises the feedback we received on CP19/12 and sets out our final policy position, taking into account the feedback received. It also contains the final rules which implement our policy decisions, with the aim of improving competition between platforms.

Update - April 2020

The new rules will come into force on 31 July 2020.

If your firm is affected by the final rules in this Policy Statement, you should consider what changes you need to make to ensure you have implemented necessary changes by this date.

For exit fees, we are considering responses to the discussion questions in CP19/12 and intend to issue a formal consultation in Q2 2020.

The FCA supports firms’ reprioritisation to focus on preventing and mitigating consumer harm during the coronavirus (COVID-19) pandemic. We believe that the benefit to consumers from firms dedicating resources to dealing with critical functions in the short term may outweigh the harm from delaying the implementation of certain polices.

The FCA Board have made new rules which revise the implementation dates of the rules in this policy statement by six months until 1 February 2021.

Read PS19/29 (PDF)

What we are changing

We are introducing a package of rules for platforms to make it easier for consumers to move from one platform to another without liquidating their assets.

We intend the new rules to complement the existing rules on transfers and re-registration. The rules will also form a counterpart to industry initiatives that aim to make it easier for consumers to move their assets from one platform to another.

We expect this (along with the other remedies in the Investment Platforms Market Study) to improve competition in the sector, increase efficiency and improve the consumer experience.

Who this applies to

Background to CP19/12

This consultation set out our policy remedies from the Investment Platforms Market Study (IPMS). The proposed changes were designed to reduce the barriers to effective competition experienced by consumers who use platforms and similar services, as described in the IPMS Final Report.