The FCA has published proposed guidance for consultation which sets out the FCA’s expectations of firms that are involved in the transfer of investors in authorised funds from pre-Retail Distribution Review (RDR) unit classes to post-RDR (clean) unit classes. The guidance looks at:

whether a conversion to a clean unit class should be treated in the same way as a switch of units;
whether conversions can happen in bulk instead of individually;
whether conversions can take place without express consent of the relevant unitholder(s);
whether advice is needed;
the role of advisers in the conversion process; and
whether a new disclosure document (such as a Key Investor Information Document for a UCITS scheme)is required for each relevant unitholder before conversion.

Next steps. The deadline for comments is 23 November 2013.

Copies of the guidance consultation http://www.fca.org.uk/static/documents/guidance-consultations/gc13-7.pdf
and press release are available. http://www.fca.org.uk/news/guidance-consultations/gc13-7-changing-customers-to-post-rdr-unit-classes