The Financial Conduct Authority (FCA) has pulled back from introducing any standalone simplified advice regime, instead proposing rule tweaks to better distinguish simplified advice from holistic financial advice.
In its consultation paper Supporting consumers' pensions and investment decisions: proposals for targeted support, the regulator said it is aiming to expand consumer access to support without the cost or complexity of full-fat financial advice. The FCA said it will not be progressing plans for any bespoke simplified advice regime as outlined in its December 2023 discussion paper (DP23/5). Instead, it intends to consult on amending existing rules in the Conduct of Business Sourcebook to provide firms with "greater clarity and confidence in delivering focused, cost-effective recommendation...
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