Wealth manager trade body PIMFA has called for clarity in key areas over the FCA’s Targeted Support proposals to ensure the regime delivers on its aims and avoids consumer confusion.

The FCA has appointed Will Self, chief executive of InvestAcc Group, as chair of its Smaller Business Practitioner Panel.

Assets under management for wealth manager and Financial Planner Evelyn Partners climbed to a record £64.6bn in the first half of the year.

The FCA faces a challenge if it wants to make its Targeted Support framework work in practice, according to James Heal, director of public policy at St James’s Place.

He said it’s essential that the framework is scalable for firms and trusted by consumers.

Mr Heal said: “As it stands, rules on how firms handle additional volunteered information risk making delivery impossible in person.

“A simple playback mechanism, where customers confirm they share the common characteristics the support is built on, would solve this and allow delivery across both digital and face-to-face channels.”

He said simplified advice must also be part of the picture. “Today it sits too close to full advice to work at scale. A more distinct, proportionate regime could bridge the gap between targeted support and personalised advice, while opening up new pathways for future advisers.

“Ultimately, Targeted Support can only succeed within a wider ecosystem from financial education and guidance, through targeted support and simplified advice, to full personalised advice.”

The regulator’s consultation into its new proposals closes today and has been widely welcomed by adviser firms.

Mr Heal said Targeted Support “could be a regime that gives firms the confidence to innovate and consumers the confidence to act.”

He said The FCA’s approach shows “real progress” with clearer boundaries from personalised advice, a stronger focus on consumer testing, and the “sensible decision” to remove pension consolidation from scope.

The Targeted Support proposals have been broadly welcomed by financial advisers.

Half (48%) of financial advisers expect the more relaxed regulatory framework brought about by Targeted Support to be an opportunity to attract new clients in the next 18 months, according to a report from Nextwealth and Aegon.

The FCA published its proposals on ‘targeted support’ in June. The changes would allow firms to make financial guidance suggestions to groups of consumers with 'common characteristics'.

In its proposals the FCA said: “We are proposing a new form of support – targeted support – in pensions and investments, which would enable firms to provide suggestions designed for groups of consumers with common characteristics to help them make important decisions."

The FCA said the reforms should set the framework for the next 20-30 years, to support consumers now as well as future generations.

Without clear guidance from the FCA and the Financial Ombudsman Service firms face the risk of 'hindsight regulation', the CEO of Quilter has warned as the regulator’s consultation on Targeted Support ends.

The FCA is to reduce or remove regulatory returns for 95% of regulated firms, it said today.

Pensions Minister Torsten Bell has been called on by Chancellor Rachel Reeves to help prepare the upcoming Autumn Budget, according to reports.

Three in four (75%) of those with estates of £5m or higher have already included a charitable gift in their estate planning, according to new research.

Average investment product documents sent to clients remain over 21,000 words long two years on from the FCA's Consumer Duty coming into force.

Three firms of advisers, Ardent Financial Planning, Key Financial Planning and Pyrford Financial Planning, have gained CISI Accredited Financial Planning Firm (AFPF) status.