Consultation: Proposed guidance for client money or property service providers

In 2014, we published a guidance note on broker obligations. Since then, the Financial Advisers Act 2008, which set out the obligations for brokers, has been repealed. The equivalent obligations are now contained in the Financial Markets Conduct Act 2013, and brokers are now referred to within that legislation as ‘client money or property service providers’.

We are proposing to update the 2014 guidance, to align with the new regulatory regime, and incorporate additional information to address issues we have observed through recent monitoring and misconduct cases. We are also proposing to incorporate additional guidance for custodians, who have specific obligations in addition to those that apply to all client money and property service providers.