The Financial Conduct Authority's new Targeted Support regime went live on 6 April 2026, marking the most significant change to UK retail investment advice rules in a generation. The FCA estimates that around 18 million UK consumers could benefit over the next decade.
The regime allows regulated firms to offer tailored suggestions to groups of customers with common characteristics — for example, people holding large amounts of cash who could benefit from investing, or savers with undiversified portfolios — without crossing into full regulated advice. This is designed to bridge the long-standing UK "advice gap".
Why it matters
In 2024, 41% of UK adults with £10,000 or more in investable assets held it all in cash savings, according to FCA data. That is a structural problem the regulator wants to address. In 2024 the UK retail investment market managed £1.49 trillion across more than 5,000 firms and over 7,000 appointed representatives.
FCA Chief Executive Nikhil Rathi has signalled a broader shift away from heavy new rulemaking, saying on the Fairer Finance podcast: "We're moving to an outcomes-based approach, and that will mean less rules in the future because we think the Consumer Duty will do a lot of the work for us."
What Targeted Support is — and isn't
- It is: firms suggesting specific products or actions to a defined group of consumers with similar circumstances, without a full personal fact-find.
- It isn't: full regulated advice, which still requires a suitability assessment for the individual.
- It isn't: generic information or guidance, which sits below targeted support on the spectrum.
The Consumer Composite Investments (CCI) regime
Also from 6 April 2026, the new UK Consumer Composite Investments (CCI) regime begins to take effect, replacing the EU-inherited PRIIPs disclosure framework and UCITS retail disclosure requirements. Firms can start complying with the new CCI rules from 6 April 2026 and must do so by 8 June 2027.
The CCI regime is less prescriptive than PRIIPs, requiring key comparability metrics but allowing firms more flexibility in how they present product information — provided they meet the Consumer Duty's "consumer understanding" outcome.
What IFAs and wealth managers should do
For FCA-authorised financial advisers and wealth management firms, the regime creates both opportunity and risk:
- Opportunity: scalable simplified advisory services for mass-market consumers who previously could not justify full advice fees.
- Challenge: any suggestion must still meet Consumer Duty obligations — fair value, customer understanding, and acting in customers' best interests.
- Governance: firms must define consumer segments carefully, evidence the basis for each suggestion, and monitor outcomes.
Wider 2026 regulatory backdrop
Alongside Targeted Support and CCI, the FCA's 2026/27 work programme flags continued Consumer Duty supervision, upcoming consultations on advice rule simplification, and the extension of non-financial misconduct rules to all firms from 1 September 2026. BNPL providers also come into the FCA's regulatory perimeter from July 2026.
Disclaimer
This article is for general information only and does not constitute financial or investment advice. The value of investments can fall as well as rise, and you may get back less than you invested. Always consult an FCA-regulated adviser before making investment decisions.
FAQ
When did Targeted Support go live?
6 April 2026.
Does this replace regulated financial advice?
No. Targeted Support sits between generic guidance and full regulated advice. Full advice still requires a personal suitability assessment.
What is the CCI regime?
The Consumer Composite Investments regime replaces PRIIPs and UCITS retail disclosure rules, with firms required to comply by 8 June 2027.
