Quick answer
In a speech on 18 September 2026, the FCA’s director of consumer investments said the targeted support regime went live in April, that nine firms have been authorised to provide it, and that the FCA plans to publish a policy statement on its ongoing advice rules by the end of the year. The FCA’s own survey shows the number of authorised advice firms has fallen 15% since 2021 while adviser numbers have held at around 31,000. For advice firms, that points to more consolidation, more investment in technology and simpler services, and a busy market for client books.
What the FCA said in September
Speaking at the Investor Summit 2026 on 18 September, Lucy Castledine, the FCA’s director of consumer investments, said the targeted support regime went live in April and that nine firms have already been authorised to provide it (FCA: building a stronger UK investment culture). She cited early data from one provider showing customers who received an investment recommendation were 33% more likely to open an investment account than comparable customers who did not.
She also confirmed that the FCA has proposed changes to its rules on ongoing advice services, so firms can offer more flexible support tailored to what clients need, and that it plans to publish a policy statement by the end of the year. The FCA has consulted on making simpler forms of advice easier to offer, and was clear that targeted support and simplified advice are not a replacement for full financial advice.
A market that is consolidating
The FCA’s financial adviser market survey, published in April 2026, drew on more than 4,100 firms. It found that adviser numbers have stayed broadly steady at around 31,000 since 2023, while the number of authorised advice firms has fallen 15% since 2021. Responding firms advise on around £1 trillion of assets for more than 4.1 million clients, and larger firms account for around half of assets under advice.
Pensions and retirement are the main objective for 69% of clients, and nearly a third of firms are considering simplified advice propositions. Taken together with the reforms, the picture is of fewer, larger firms, more investment in process and technology, and steady demand for retirement advice.
What it means for firm finances
Changes to ongoing advice rules may prompt firms to review their service tiers, fee structures and client agreements, and some will invest in new platforms, planning software or support staff to deliver a wider range of services. IT and software finance spreads that cost, and recruitment finance helps fund new paraplanners or advisers.
For firms growing by acquisition, the main tools are client book and fee block finance, goodwill finance and funding for deferred consideration. Owners planning an exit can look at succession finance, which helps a management team or successor buy out the founders. FCA and other regulatory fees can be spread too.
Practical steps for owners
- Review how your ongoing service is defined and evidenced, ahead of the FCA’s final rules.
- Decide whether a simpler service or targeted support partnership fits your client base.
- If you are buying, model the recurring income of a book against its servicing cost.
- If you are selling, put client agreements and records in order early.
Our guides to fee block finance and retirement and succession funding go further, and buying a practice explains how deals are structured. We search the market across 300+ lenders for financial and advisory firms, and Instant Quotes shows your matches in minutes, with no credit check.
Common questions
When will the FCA’s new ongoing advice rules be published?
The FCA said on 18 September 2026 that it plans to publish a policy statement on ongoing advice services by the end of the year.
How many firms can offer targeted support?
The FCA said in September 2026 that nine firms had been authorised to provide targeted support since the regime went live in April.
Can an advice firm borrow to buy a client book?
Often, yes. Fee block finance is commonly used to buy client books, usually assessed on recurring income, subject to status and lender criteria.
Does checking my options affect my credit file?
No. Instant Quotes involves no credit search. A lender only runs its own checks, with your permission, if you choose to apply.
Official sources
Published 14 October 2026. Figures and dates are taken from the sources named and were correct on that date. This article is for general information only and should not be treated as legal, tax, accounting or financial advice. Funding availability and lender requirements depend on individual circumstances.
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