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FCA finalised guidance on investment advice boundaries

PFS Policy Briefing

Following a guidance consultation in July 2014, the Financial Conduct Authority (FCA) has issued its finalised considered view on the boundaries between what is and what is not a personal recommendation in the retail investment market.

  • For advice to be regulated, it must relate to a specific investment and must be given to the person in their capacity as an investor or potential investor.
  • The regulator provides examples to illustrate the difference between advice and information, and the distinctions for generic financial advice.
  • Following the feedback received from the market, the FCA have strengthened their initial proposals, including amending the terminology, simplifying its communication, providing extra examples and introduced a definitive glossary of terms.

Next steps:

  • The guidance paper published this month represents the FCA's final considered viewpoint of the regulated advice boundary.
  • The FCA will consult in the upcoming months on proposals to replace the ABI Code on Retirement Choices.

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