On July 15, 2025, HM Treasury published a policy paper on and proposed amendments in a draft Order to create a new specified activity of targeted support. 

The proposed new activity forms part of the FCA and HM Treasury Advice Guidance Boundary Review. The FCA published a consultation paper on proposals relating to targeted support for consumers' pensions and retail investment decision on June 30, 2025, with responses invited by August 29, 2025.

The purpose of the draft Order is to create a new specified activity of providing targeted support and to set out that when a firm provides targeted support, it is not "advising on investments".



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