On 30 November 2022, the Financial Conduct Authority (“FCA”) published a Consultation Paper (the “Consultation Paper”) CP22/24 on proposals to broaden access to financial advice for mainstream products. These proposals are part of the FCA’s wider effort to make it easier for consumers to access financial advice and to ensure that the advice they receive is in their best interests.

The Consultation Paper is proposing…

next steps

 The Consultation closes on 28 February 2023. The FCA aims to publish the policy statement and final rules and guidance in spring 2023, with the aim to implement the proposals before the end of 2023/24. Provisionally, firms can start offering core investment advice in April 2024.

When the new core investment advice regime is implemented from the beginning of April 2024, firms will need assistance to assess whether their advisory services or part of their advisory services would fall into the new ‘investment advisory services’ category and will need to construct new contractual documents in order to offer this service.

We can help firms assess the impact of the proposals on their business models to determine whether they will need to make changes to comply with the new rules and compose new contractual documents to prepare for implementation.

To read the full Consultation Paper click here. For more information on the implementation of the FCA new core investment advice regime, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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