Advice Guidance Boundary Review

The Advice Guidance Boundary Review includes initiatives to improve access to financial support.

Respond to our consultation 

We previously consulted on our high-level proposals for targeted support in pensions in CP24/27.

We are now consulting (with rules) on our proposals for targeted support in pensions and retail investments in CP25/17.

Please respond to this consultation by 29 August 2025.

Objectives of our work

The Advice Guidance Boundary Review is a response to a growing concern that most consumers in the UK are not getting the financial help they need. The review is a joint initiative between His Majesty’s Treasury and the FCA, to examine the regulatory boundary between financial advice and other forms of support.

Targeted support forms a key part of our review. We want to help consumers navigate their financial lives and make effective, timely and informed decisions about their pensions and retail investments. Our proposals for targeted support and simplified advice aim to provide consumers with the additional support needed to make these important decisions.

Targeted support and simplified advice

Our proposals for targeted support will allow firms to offer suggestions to groups of customers with common characteristics. Millions more people could get help navigating their financial lives with support on pensions and investments. For example, a firm could suggest an alternative sustainable withdrawal rate to a consumer drawing down on their pension unsustainably, or it could suggest that a consumer invests their money in an ISA if they are holding excess cash in their account.

Targeted support introduces a new set of conduct standards, which, alongside the Consumer Duty, provide consumer protections.

We want consumers to have access to different types of support to meet a range of needs. These reforms should set the framework for the next 20-30 years, to support consumers now as well as future generations.

Some consumers will want assurance that a product or suggestion is suitable for their specific individual needs and circumstances. This is where simplified advice can help. 

Simplified advice can complement targeted support where a customer has straightforward needs and provide a stepping stone to more complex or holistic advice. Alongside our proposals for targeted support, we have set out plans to reform the framework for simplified advice.

We want to see a thriving and trusted market for full financial advice, simplified advice, targeted support and guidance. This supports our ambition that consumers should have access to the help they need, at a cost they can afford, when they need it.

Consultations and policy development

In December 2023, DP23/5 opened discussion about how we could better ensure people have access to the right support to navigate complicated financial decisions. 

In December 2024, we consulted on targeted support for pensions in CP24/27. In June 2025, we consulted on the regulatory framework for targeted support in pensions and retail investments in CP25/17. This includes our direction of travel on simplified advice and clarifying the Advice Guidance Boundary.

To help support our policy development, we commissioned consumer research to test targeted support with consumers. We have also published other supporting research:

Timeline of the review

Next steps for delivering the Advice Guidance Boundary Review.

  1. 1

    June – August 2025

    Consultation for targeted support and simplified advice opens, closing 29 August.

  2. 2

    September 2025 – January 2026

    We will finalise the regulatory framework and intend to publish a policy statement on targeted support in December 2025 and a consultation paper on simplified advice in January 2026.

  3. 3

    February – April 2026

    Work continues to consolidate, simplify and clarify our guidance on the Advice Guidance Boundary.