The FCA has confirmed that, following a consultation last year, it is retaining the joint sponsor regime. Minor changes have been made to LR 8, including:
- to clarify that the responsibility of the joint sponsor which takes responsibility for contact with the FCA applies in respect of administrative arrangements only. Previously it referred to “the entire application or transaction”; and
- to require joint sponsors to co-operate with each other in relation to the sponsor service, including establishing arrangements for the sharing of information.
A new technical note gives guidance on communications between the FCA and joint sponsors.