Targeted Support & Simplified Advice Working Group

Unlock ability for firms to offer Targeted Support and Simplified Advice to improve consumers’ lifelong financial wellbeing and decision making

Background and Purpose

The purpose of the TISA Targeted Support and Simplified Advice Working Group is to work with a group of leading financial services firms who are collectively of the view that the current advice and guidance remains ambiguous and this is causing consumer detriment.

Key issues include:-

• Inconsistencies in the way that firms interpret and apply the current rules
• Consumers are poorly equipped to filter the wide range of information available to make informed financial decisions resulting in a lack of engagement and poor decision making
• Limitations on the extent to which firms can offer personalised support to a consumer frequently both restricts and reduces the relevancy of information offered, impeding better consumer decisions and outcomes
• Constraints on financial services firms to proactively reach out to consumers to prompt better management of their personal finances

FCA and HMT are committed to reviewing this as a part of the Advice Guidance Boundary Review.  This is an excellent once-in -a-decade opportunity for TISA and our members to shape the regulatory landscape for investment products, to ensure the needs of UK society are better met.  This is the focus of this Working Group and as the regulatory framework for Targeted Support is finalised, the group will turn to implementation and delivery considerations.

Achievements of the Group

TISA has responded to the HM Treasury Policy Note on Targeted Support. TISA has long advocated for Targeted Support to be a FSMA RAO permission, so we welcomed the approach HMT has adopted.

TISA has also responded to the FCA’s consultation on a proposed targeted support regime and consequential amendments to the FCA’s Handbook. This followed extensive member engagement and discussions with the FCA and HMT.

TISA has worked extensively with members to understand the impacts the Privacy & Electronic Communications Regulations (PECR) will have on the ability to successfully delivery Targeted Support. We continue to engage with the Government, parliamentarians and regulators on this issue with a view to seeking its resolution.

TISA has responded to the FCA’s consultation on Targeted Support reforms for Pensions and continues to work closely with members and the official sector to ensure the effective delivery of the Targeted Support proposal.

HMT and FCA have published a joint discussion paper outlining 3 policy proposals aimed at addressing the advice gap. Their second proposal, on Targeted Support, very closely resembles TISA’s proposal on regulated guidance.

TISA continues to be an active participant on the FCA-HMT Advice Guidance Boundary Review Industry Working Group. TISA’s Regulated Financial Guidance proposal has been front-and-centre of the solutions being considered by FCA and HMT, helping to shape and inform the Targeted Support proposition.

Publications

TISA response to the FCA consultation on Regulatory fees and levies: policy proposals for 2026/27 (January 2026)

TISA response to the FCA/FOS consultation on Modernising the Redress System (October 2025)

TISA response to the FOS consultation on Evolving their Funding Model (October 2025)

TISA response to HMT consultation on the Review of the Financial Ombudsman Service (October 2025)

TISA response to HMT’s Consultation on Targeted Support (August 2025)

TISA response to CP24/27 proposed targeted support reforms for Pensions

TISA response to FCA CP25/26: Consequential Handbook changes following the proposals in CP25/17

Current Priorities

Considering the practical implementation considerations of the Targeted Support regulatory framework, as this nears completion.

Seeking legislative change to PECR to enable Targeted Support to operate on an “opt-out” basis.

Structure of Meetings

On average, the Targeted Support and Simplified Advice Working Group meets monthly. The group works on its agreed priorities and also receives updates at each meeting on other relevant TISA initiatives.