Winterflood is in support of the FCA’s recent call to widen access to bonds. Today (29th September) is the closure of the consultation period for Engagement Paper 4: Non-equity Securities.  In this paper, the FCA requested feedback on its proposals to widen access to well-regulated bonds, which included, adopting a single standard for bond disclosure, allowing future financial information to be incorporated by reference without use of a supplementary prospectus, and more. 

Notably, the FCA also floated an incentivisation scheme that could drive retail-inclusion in bonds by way of low denominations. The incentive would take the form of a reduction in disclosure obligations for certain types of UK-listed bonds meeting certain specifications.

We believe that reforms will enable retail investors and intermediaries to enter into the UK’s well-regulated bond markets as equal players alongside institutions. To learn more about the FCA Engagement Paper and those proposed reforms, please contact Michael Smith, Debt Capital Markets Adviser at Winterflood Securities. 


Winterflood has 30+ plus years of supporting eligible counterparties and the wider community in Financial Services. Winterflood agrees the objectives of this recent FCA Engagement Paper that seeks to improve the regime for non-equity securities (bonds), to deliver retail and wealth management access to this asset class.

Winterflood Securities Ltd is authorised and regulated by the Financial Conduct Authority.