FCA unveils plans to make financial advice more accessible, affordable

25th Mar 2026 11:51

(Sharecast News) - The UK financial regulator has said it wants to help improve consumer access to financial advice, and is consulting on how to make it easier for firms to provide support for important financial decisions.

In a statement on Wednesday, the Financial Conduct Authority said firms should be able to give more simplified forms of individualised financial advice, that do not need a full assessment of consumers' financial circumstances.

The regulator's proposals include: simplifying and consolidating the suitability framework into one set of common rules and expectations; "rebalancing" suitability communications to make them more consumer-focused and proportionate; and giving firms greater flexibility in how they deliver advisory services.

The FCA also said it is continuing to look at the future of so-called trail commission - annual fees paid to advisers by product providers for managing investments - to modernise rules and "prevent potential consumer harm".

"For too long the support people need to make important financial decisions has been out of reach for many," said Sarah Pritchard, the deputy chief executive of the FCA.

"A market that provides good quality, lower cost simplified advice alongside comprehensive financial advice and targeted support will better support people making decisions about their financial lives. We want to see more people getting supported, who aren't currently, and a market that innovates and offers tailored services to meet differing consumer needs."