The Financial Conduct Authority (FCA) has reaffirmed its commitment to simplified financial advice as a key component of its Advice Guidance Boundary Review, which aims to close the “advice gap” in the UK. Simplified advice offers a streamlined, personalized recommendation process, intended to make financial advice more accessible and affordable. Alongside boundary clarification and targeted support, this approach is part of a three-pronged strategy to engage more people with financial planning.
Simplified advice is designed to help those who may not have complex needs but still require guidance on financial decisions. By making advice more affordable, it allows firms to serve a broader demographic and encourages individuals to take steps toward financial wellness. The FCA’s continued focus on this model highlights its potential as a stepping stone in expanding financial accessibility across diverse economic backgrounds.
I am very much in support of a model where ‘all bases are covered’ and that a low-cost, simple form of advice is available to those with less complex needs but still wish to get started on the financial planning journey.