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Jie Clues–Low#13272

Jie Clues–Low

Simmons & Simmons
Jie is a supervising associate in the Simmons & Simmons Financial Services Regulatory team in London. Her recent experience includes a focus on advising in relation to the UK Consumer Duty and investor protection rules. Jie also frequently provides advice in relation to the UK licensing perimeter and financial promotion rules, MiFID, UK SMCR and various cross-border regulatory issues. 

Practice Area

Panel

  • Contributing Author

Qualification

  • LLB (2016)

Education

  • UCL (2013-2016)

1 Contributions by Jie Clues–Low

FCA Consumer Duty for UK Asset Managers: scope, distribution chains, material influence, exemptions, cross-cutting rules, four outcomes, vulnerable customers, governance and monitoring
PRACTICE NOTES
FCA Consumer Duty for UK Asset Managers: scope, distribution chains, material influence, exemptions, cross-cutting rules, four outcomes, vulnerable customers, governance and monitoring
This Practice Note This Practice Note explores the implications of the Financial Conduct Authority (FCA)’s Consumer Duty (Duty) for FCA authorised firms holding permissions to: (i) manage an alternative investment fund (AIF); (ii) manage an undertaking for collective investment in transferable securities (UCITS); or (iii) manage investments. It focuses on the key components of the Duty, such as its scope and application (including relevant exclusions, the concept of material influence, and proportional application), the overarching Consumer Duty principle, the cross-cutting rules, and the four outcomes as they pertain to asset management firms. For a summary of the core features of the Consumer Duty with broader application, see Practice Note: The FCA Consumer Duty—essentials. The Duty took effect for new and existing products and services that remained open to sale (or renewal) from 31 July 2023, and for closed book products and services on 31 July 2024. Significant developments are in train. In response to the government’s Financial Services Growth and Competitiveness Strategy, the FCA has set out steps intended to address concerns about the Duty’s effects on wholesale firms and asset managers; see: FCA sets out plans to address impact of the Consumer Duty on...
Financial Services
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