Following the Mansion House speech, the FCA has updated on the next steps in its Advice Guidance Boundary Review. It is going to focus first on pensions, and will consult in December on high-level proposals for targeted support, and will build on this to consult on rules for better support for consumers in retail investments and pensions. It has worked with the ICO and the Pensions Regulator to give guidance to firms on communications they can make under the Consumer Duty which are compatible with the Privacy and Electronic Communications Regulations. Broadly, this confirms that firms can provide regulatory communications and service messages even where they do not have direct marketing permissions from customers. Meanwhile it is conducting some consumer research and analysis on retail investments in advance of its consultation. It also plans, before the end of 2024, to consult on proposed rules for the new CCI (Consumer Composite Investments) regime, with a view to this being in place by summer 2025.
