The FCA has published its policy statement on crowdfunding regulation, following its consultation paper in October. The policy statement generally agreed with the proposals set out in the consultation paper. This means that if retail investors cannot show that they are self-certified sophisticated investors or high net worth individuals then they cannot invest more than 10% of their available assets. This has been met with disappointment from some areas of the crowdfunding community, who had hoped that the FCA would adopt a more flexible approach. The rules detailed in the policy statement will come into to force on 1 April 2014 (subject to transitional arrangements).