

In this briefing note, we look at the share class conversions challenge. The FCA believes that lack of support for conversions makes transferring to new provider less appealing to investors. Consequently, its Consultation on Investment Platforms (CP19/12) published in March 2019 included proposals that ceding parties must allow conversions where necessary to effect an in-specie transfer, and acquiring parties must allow investors to convert to the best available share class.