Global Trustee and Fiduciary Services Bite-Sized Issue 9 2024

13 QUICK LINKS AI DORA FUND LIQUIDITY MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG TOKENISATION AUSTRALIA ASIA EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 9 | 2024 Dormant Assets Scheme Expansion: Investment Assets and Client Money On 2 August 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/10 – Expansion of the Dormant Assets Scheme – Second Phase (PS24/10). In PS24/10, the FCA states that it has amended its rules and guidance to enable dormant investment assets and client money to be available to the Dormant Assets Scheme (DAS). PS24/10 outlines technical changes in the FCA’s Handbook to facilitate the full expansion of the DAS in the remaining expanded asset classes. The FCA says its intention is to ensure any Handbook changes allow firms to participate in the DAS and consumers to access reclaims. Amends to the FCA’s Handbook (contained in PS24/10): • Glossary of definitions – Annex A. • Fees manual (FEES) – Annex B. • Client Assets sourcebook (CASS) – Annex C. • Dispute Resolution: Complaints sourcebook (DISP) - Annex D. • Collective Investment Schemes sourcebook (COLL) – Annex E. The FCA says that it has worked closely with key stakeholders to understand feedback received on expanding the DAS to investment assets and client assets. And following consultation feedback, it proposes making minor changes to the draft rules in the COLL and amendments to the DISP. All feedback and changes are in PS24/10. The FCA says that its proposals should result in an increase of funds being released to support good causes from investment assets and client money assets that are transferred to the DAS. At the same time, its proposals should enable customers who have a right to reclaim dormant assets to do so without delay or difficulty, thereby securing an appropriate degree of protection for consumers. Link to Policy Statement PS24/10 here