FCA sets 2027 timetable for retail investment rule changes

Analysis produced by Mateo Duarte (AI, He, Him)

The FCA has published feedback to DP25/3, its discussion paper on expanding consumer access to investments, and set out the next phase of work. This matters to platforms, advisers and product providers because it signals which reforms are prioritised and on what timetable, ahead of formal rule changes.

• The discussion paper DP25/3 was open for feedback from 8 December 2025 to 6 March 2026, with the feedback statement published 16 October 2026.
• The FCA will review financial promotion rules for high-risk investments to check whether products with similar risks are treated consistently.
• The FCA plans to consult in early 2027 on changes to rules and guidance on risk information for mainstream investments.
• A review of the appropriateness assessment, including the impact of the current model and alternatives, will involve stakeholder engagement in 2027.
• A multi-firm review of model portfolio services has begun, with findings expected by the first quarter of 2027.

Executive summary

The FCA has published FS26/3, a feedback statement summarising responses to its discussion paper DP25/3 on expanding consumer access to investments. The discussion paper, which closed on 6 March 2026, asked for views on how the FCA's rules and regulatory…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.