Following the Financial Conduct Authority 22 May deadline for responses to its simplified advice consultation, the Personal Investment Management & Financial Advice Association (PIMFA) has raised concerns about how changes to suitability will impact firms providing holistic financial advice, while others have called for clearer guidance.
The FCA launched its consultation on simplified advice, which included looking at the future of trail commission and ongoing advice charges, in March 2026 It also outlined plans to remove the annual suitability review requirement for firms. The consultation forms part of the regulator's work to close the advice gap. Clear guidance needed PIMFA head of public affairs Simon Harrington believes that while the FCA's "ambition is welcome", clear guidance is needed. Harrington said: "The repositioning of ‘necessary' information to ‘sufficient' when determining suitability not only m...
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