DP23/5: Advice Guidance Boundary Review – proposals for closing the advice gap

Policy Paper published
Feedback period ends

We want your feedback on our initial proposals set out in the policy paper. These proposals aim to create a regulatory system where a range of commercially viable, high quality models of support will be in place enabling consumers to access better support. 

Read DP23/5 (PDF)

Why we are consulting     

In December 2022, the Government announced a set of reforms  taking forward its ambition for the UK to be the world’s most innovative and competitive global financial centre (Edinburgh Reforms). As part of these reforms, it was announced that the FCA and the Government will commence a joint review to examine the regulatory boundary between financial advice and other forms of support. This is now known as the Advice Guidance Boundary Review (the Review). This policy paper is seeking views from a range of stakeholders on the proposals set out in the paper to help close the advice gap.

Who is this for

The paper will primarily interest: 

  • consumers 
  • groups representing consumers’ interests 
  • life insurers 
  • all firms that provide pension products (both accumulation and decumulation) 
  • financial advisers 
  • investment platforms 
  • authorised fund managers 
  • retail banks 
  • trustees of DC occupational pension schemes 
  • financial coaches 
  • trade bodies for regulated firms 
  • any non-authorised persons providing support to consumers 

Next steps 

Online response form 

Send us your feedback by 28 February 2024 using the online link. 

Alternatively, you can send them to us in writing to: 

Consumer Investments Advice Policy  
Financial Conduct Authority  
12 Endeavour Square London  
E20 1JN  
Email: [email protected] 


The Government and the FCA want to build a framework which consumers can trust, recognising the complexity faced by consumers in making financial decisions. To achieve this, we need to create a system that ensures consumers get the help they want, at a time they need it and at a cost that is affordable. 

The Review gives us the opportunity to rethink the way advice and support are delivered to consumers and take advantage of new and emerging technologies to enhance consumer experiences and outcomes. Our aim is to design a regulatory system where commercially viable models of advice and support can emerge so consumers can make effective financial decisions.