The FCA is consulting on the segregation of client money by firms that operate loan-based crowdfunding platforms (CP16/4). The FCA is proposing rules to simplify client money requirements for firms that operate electronic systems relating to P2P lending platforms and hold both regulated and unregulated client money accounts. In addition to the proposed changes, the FCA also proposes new guidance to clarify that, where a firm operating a loan-based crowdfunding platform holds money that has not yet been invested for a client, this should be treated as client money, unless the circumstances are such that it could never be invested in relation to a P2P agreement. Comments are invited by 11 February 2016.