The FCA’s change of address and why you may need to tell your clients

The FCA will be moving its offices over the summer and firms may need to notify their own clients of this change.

The FCA’s registered address will formally change on 01 July 2018 to:

Financial Conduct Authority
12 Endeavour Square
E20 1JN

This address should be used from 01 July 2018 when sending any documents to the FCA by post or when referring to the FCA’s address in any documents, such as marketing materials.

The FCA has advised firms that they should (a) make sure the correct address is included in any communications with clients and (b) take steps to replace references to the old address in any printed material “as soon as reasonably practicable”.

This advice will have implications for FCA-regulated firms across the financial services sector - investment managers, investment banks, private banks, brokers etc.

In the context of investment management, for example, firms undertaking MiFID business (including AIFMs with top ups) are required (by COBS 6.1ZA.5) to provide clients and potential clients with “a statement of the fact that the investment firm is authorised and the name and contact address of the competent authority that has authorised it” [emphasis added].

This disclosure is often included in (or attached to) the investment management agreement as part of the regulatory disclosures section.

FCA-regulated firms may, then, wish to consider the best means of notifying their clients of the regulator’s change of address - this may be, for example, by email or letter updating the relevant documents. We do not consider it necessary to amend and restate agreements, or re-issue terms of business, simply to deal with this matter; a supplementary written notification to clients should be sufficient.

(In the investment management context, please note that investors in the funds are not typically “clients” of the manager for regulatory purposes and so we do not anticipate that investment managers would ordinarily need to notify fund investors of this matter.)

Please get in touch with your usual contact at Simmons & Simmons if you wish to discuss this further.

This document (and any information accessed through links in this document) is provided for information purposes only and does not constitute legal advice. Professional legal advice should be obtained before taking or refraining from any action as a result of the contents of this document.