The FCA has published an update on its approach to last August’s consultation on proposed restrictions to the marketing of unregulated collective investment schemes (UCIS) and close substitutes. A range of concerns had been expressed about the original proposals, including about their potential scope, and a lack of clarity around the definition of “non-mainstream pooled investments” . Following discussions with stakeholders, the FCA has concluded that a number of important issues require further consideration, particularly given the complexity of the area. The FCA will continue to work towards publishing its final policy statement as soon as possible this year and will take account of the later publication date when setting the implementation date for any new rules.