The FCA has published a discussion paper (DP15/7) on its approach to small or medium-sized enterprises (SMEs) as users of financial services. The aim of the discussion paper is to review the way in which SMEs are treated in the FCA's rules and whether the protection provided to SMEs is broadly right. The FCA seeks views on whether: (i) any specific products, services or distribution channels are particularly associated with poor outcomes for SMEs; (ii) the FCA should make its rules more consistent across the products and services used by SMEs, to the extent permitted; (iii) the FCA should encourage the development of industry voluntary codes of practice relating to the treatment of SMEs; and (iv) the FCA should issue guidance to firms on particular aspects of their dealings with SME clients. Comments are invited by 18 March 2016.