On 26 September 2025, the Financial Conduct Authority (FCA) issued Consultation Paper 25/26: Consequential Handbook changes following the proposals in CP25/17 (CP25/26).
Background
Earlier this year the FCA published Consultation Paper 25/17 (CP25/17), setting out detailed rules for a new regulated proposition for targeted support in pensions and retail investments. The deadline for comments on CP25/17 was 29 August 2025. In CP25/17 the FCA said that its proposals interact with various rules in the FCA Handbook, and that it would consult on additional consequential amendments to its rules to ensure that the proposals work with the existing requirements. The FCA is consulting on these additional proposals in CP25/26.
Proposals
The FCA is proposing changes in three areas to:
- Ensure that its proposed targeted support framework interacts effectively with existing rules, such as those relating to pensions choices.
- Refine some of the proposals set out in CP25/17, such as those around commissions and charging.
- Ensure that the proposed new targeted support activity aligns with the wider regulatory framework, such as reporting requirements.
A table set out at paragraph 1.10 of CP25/26 provides an overview of the main changes the FCA is consulting on. Chapter 2 of CP25/26 provides further detail about the proposed changes and these are all shown in the draft Handbook text in Appendix 1.
Next steps
The deadline for comments on CP25/26 is 17 October 2025.
The FCA intends to publish a Policy Statement and final rules this December.
The application of the FEES sourcebook to targeted support – including the appropriate fee blocks, basis of calculation, and any related Handbook amendments – will be consulted on as part of the FCA’s FEES Policy consultation, due to be published in November 2025.