DP25/3: Expanding consumer access to investments

Read DP25/3[2]

Why we are publishing this discussion paper

In 2025, we made the most significant policy changes and proposed changes to the retail investments landscape for a generation.

But we may need to do more to adapt our rules to reflect the changes in how consumers can access and own investments, and what they can invest in.

We want your views on how we can improve and streamline our Handbook to increase consumer confidence in investing and how we should prioritise future work on this.  

Who this is for

This discussion paper will primarily interest:

• Consumers and consumer organisations.  
• Industry bodies.  
• Firms that operate retail investing and trading platforms.  
• Firms that advise on or sell:  
  • Fractional investments.  
  • Speculative products including: contracts for difference, leveraged exchange traded products, margin lending, structured products, Horizons contracts.
  • Peer-to-peer loans.
  • Qualifying cryptoassets.  

Next steps

Online response form[3]

We're looking for your feedback on this discussion paper by 6 March 2026.

You can send your comments to us using the online response form, or by email to [email protected].

You can also write to us at Consumer Investments Distribution Policy, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

We’ll consider your feedback and consult on the issues discussed in this paper in due course.  

Background

The amount of investible assets held in cash remains high and we see a persistent mismatch, at both ends of the risk spectrum, between consumers’ stated risk appetite and what they actually invest in.  

We want to help consumers have more confidence to take on the right level of investment risk for them.  

Building investor confidence not only benefits individuals but will facilitate capital for firms and support economic growth over the longer term.