What has happened?
In December 2023, the FCA and Government sought views, in Discussion Paper DP 23/5, as part of the joint Advice Guidance Boundary Review, on three proposals to help people make more informed investment and pensions decisions.What are the key points?
The three proposals involve;
- Further clarifying when firms can give consumers support without giving regulated financial advice,
- An innovative new approach allowing firms to provide support tailored to groups of people in similar circumstances, and
- A new form of simplified advice that makes it easier for firms to provide affordable personal recommendations to clients with more straightforward needs and smaller sums to invest.
The FCA explains them in graphical form as shown below;
The proposals are an important step in examining how innovation could expand the market to include new forms of advice and support, driving competition to better serve consumers, while maintaining consumer protections.
Following close engagement with stakeholders to shape these initial proposals, the FCA and Government will continue to work side by side with industry and consumer groups. The aim is to open up the market to a wider range of advice and support while supporting the UK investments market.
How can we help you?
Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as-and-when, our team of specialists can serve as your right hand in meeting and complying with FCA regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.
Are you looking for help with your financial advice procedures, or more general regulatory questions? Contact our specialist lending team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk.