Delineating the advice/guidance boundary

The Financial Conduct Authority and HM Treasury are reviewing the boundary between regulated financial advice and financial guidance. Charlotte HillandDaniel Hirschfieldreport on how this is progressing and the FCA's decision to fold its work on a Core Investment Advice regime into the wider advice/guidance boundary review.

Charlotte Hillis a partner and head of the Financial Services Regulatory group at Taylor Wessing in London, whereDaniel Hirschfieldis senior counsel - Knowledge. Contact them onc.hill@taylorwessing.com andd.hirschfield@taylorwessing.com.

Background to review

The FCA announced in September 2022, in the context of developing a simplified advice regime for 'mainstream' investments, that it was planning a 'holistic review' of the advice/guidance boundary in order to gain insights into how it can decrease the regulatory burden on firms while ensuring there is the correct level of consumer protection. [1]