Investment - Articles - Extension of 10 percent depreciation notification rule

PIMFA has welcomed the latest announcement from the FCA that it is extending existing flexibility around the 10% depreciation notification rule for a further 12 months.

 But it continues to call on the Regulator and Treasury to bring about reforms that better reflect the UK finanical services industry.

 Tim Fassam, Director of Government Policy and Relations at PIMFA commented: “The announcement today from the FCA that it is extending the flexiobility around the 10% depreciation notification rule for a further 12 months - first introduced in the wake of the Covid pandemic last year at the urging of PIMFA - is a welcome and sensible step given the impact the Omicron variant, and subsequent uncertainty it has caused, has had on markets in recent days.

 “However, we have always been of the view that the 10% depreciation rule needs further reform in the longer term. This was always a rule that had more relevance for European Union financial markets than it did for the UK and our departure from the EU presents our industry, and the FCA with an opportunity to enact reforms that better fit our own domestic markets.

 "We will continue to lobby the FCA and Treasury for changes to the UK’s domestic regulatory regime that better reflect the way our market operates.”

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