UK FCA update on advice guidance boundary review – targeted support policy sprint

The UK Financial Conduct Authority (FCA) has published an update on its advice guidance boundary review – targeted support policy sprint. The six-week sprint, launched in February 2025, brought together 12 firms, including retail banks, investment platforms and wealth managers, to test the FCA's targeted support proposals. As a reminder, the new regulated activity of targeted support aims to allow authorised firms to provide recommendations for pre-defined consumer segments with common needs or objectives. The regime is outcomes-focussed, with bespoke rules in the FCA handbook and further underpinned by the consumer duty and product governance rules.

For further background, you may like to read our following publications: our snapshot on the FCA's new targeted support regime; our summary information, our FAQs and our information on the practicalities of applying for permission to conduct the new regulated activity of providing targeted support. The results of the sprint informed the near-final rules which were published with the FCA's policy statement in December 2025 (PS25/22). The gateway for applications for authorisations in respect of targeted support (as a new regulated activity) is expected to open in March, with the rules expected to take effect from 6 April 2026.

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