The open consultation launched by the Financial Conduct Authority (FCA) at the end of April is due to close on 1 July.

The FCA published its Discussion Paper (DP) to get views on changes it can make to strengthen its financial promotion rules for high-risk investments, and for authorised firms that approve financial promotions.

The DP seeks views on three areas where changes could be made to protect consumers from harm:

• the classification of high-risk investments
• the segmentation of the high-risk investment market
• the responsibilities of firms which approve financial promotions.

The feedback to this DP will help to shape the changes the FCA plan to consult on later in the year and to ensure they have the intended impact.

The DP will be of much interest to investment-based crowdfunding (IBCF) platforms and other intermediaries distributing investments to consumers, as well as peer-to-peer (P2P) platforms.