Advisors must take reasonable steps to ensure that their personal recommendations on P2P investment opportunities are suitable for their clients, and other incentive rules also apply, the FCA said. People who advise on P2P arrangements must also be „adequately supervised and assessed as competent to carry out this activity (including obtaining adequate qualifications),“ he said. In a new policy statement (110 pages/1.36 MB PDF), the regulator said it would extend rules that already prohibit the payment or receipt of commissions by companies in the context of personal referrals to retail investors to cases that include advice on P2P arrangements. Some companies had argued that they would not be able to exercise adequate due diligence for P2P agreements, making it difficult, if not impossible, for them to comply with the eligibility rules. . . .