On 4 March 2026, the Financial Conduct Authority (FCA) published its Regulatory Priorities report for the consumer investments sector.
Overview
The FCA is introducing 9 annual Regulatory Priorities reports to replace its portfolio letters.
So far, the FCA has published Regulatory Priorities reports for insurance and consumer investments.
Each report outlines the FCA’s priority areas of focus for firms in that sector. However, firms will need to consider which priorities and recommendations apply to them based on their business model, including other business lines that could be included in other Regulatory Priorities reports.
FCA priorities
The Regulatory Priorities report for the consumer investments sector includes the following priorities:
- Building a stronger investment culture: This year, the FCA will focus on firms giving consumers products and services that meet their needs at a fair price. It will support firms as they implement the Consumer Composite Investments framework, continue its Advice Guidance Boundary Review and consult on simplifying and consolidating its investment advice rules and guidance. The report further notes that the FCA are reviewing wider cost and charges disclosure requirements which is an ongoing matter. The FCA will also collaborate with firms launching innovative products and services in line with its expectations, such as Long-Term Asset Funds.
- Strengthening trust: The FCA will work with firms to ensure strong governance, robust risk systems, and responsible innovation. The FCA notes that there has been significant consolidation and rapid firm growth in parts of the consumer investment sector, including platforms and Model Portfolio Service (MPS) providers. As such the FCA will progress its review of MPS firms and assess whether the Consumer Duty rules and requirements remain appropriate. It will also support innovation by helping test AI applications and other propositions through the sandbox and publish an evaluation report from AI Live.
- Securing good consumer outcomes: The FCA will consult on clarifying the application of the Consumer Duty across distribution chains and review feedback on its client categorisation proposals. It will support new channels, with a guide for finfluencers promoting accurate, responsible content. It will work with firms in ensuring good outcomes for consumers in vulnerable circumstances and continue reviewing its data collection and use easier ways to collect data, such as the Platforms Information Requests.
- Strengthening financial crime controls: The FCA reminds firms that they need to have robust systems and controls, strengthen surveillance, and enhance their reporting. The FCA will continue its partnership with Ofcom and domestic and international bodies to tackle scams and fraud.
- Other areas of focus: The report notes that the FCA will focus on other areas such as operational resilience, cryptoassets and the Senior Managers and Certification Regime (SM&CR). In H1 2026, the FCA expects to work with HM Treasury and the Prudential Regulation Authority to review the efficiency and effectiveness of the SM&CR and consult on rules around Self-Invested Personal Pension operators’ due diligence obligations and handling of pension scheme money and assets.
The report includes links to key publications and speeches relevant to consumer investments. The FCA notes that plans may change if it has new priories or existing priorities depending on their scope.
The FCA has also published a speech by Lucy Castledine (Director of consumer investments, FCA) entitled Consumer investments priorities: strengthening trust, supporting investors.