The FCA has published a statement on applications for full authorisation to operate peer-to-peer (P2P) platforms. The FCA advises that it is important that applications from firms wishing to be fully authorised are properly considered and that the firms meet rigorous statutory standards. The FCA has up to 12 months to reach a final decision, but those firms with interim permission, which were previously licensed by the OFT, and are able to continue carrying out consumer credit activities until the FCA decides whether to fully authorise them. The FCA published a policy statement on changes to its Handbook relating to the segregation of client money on loan-based crowdfunding platforms and the new regulated activity of advising on P2P agreements in March 2016.