UK’s FCA Seeks Feedback On Possible Changes To Investment Access Rules

The UK’s Financial Conduct Authority (FCA) published a discussion paper seeking views on changes to its rules on consumer access to investments. The paper reviews financial promotion categories, trading apps, fractional investments, model portfolio services, speculative products, and peer-to-peer lending.

The FCA inquired whether current promotion categories accurately reflect risk and whether the rules adequately address risks associated with digital trading apps and engagement features. It also sought feedback on disclosures for model portfolios, regulation of fractional investments, and a consistent approach to speculative products. The paper reviews appropriateness tests, interaction with the Consumer Duty, and exemptions for high-net-worth investors. The FCA said some thresholds may allow consumers to opt out of protections. Responses are invited from consumers and industry by March 6, 2026, with no timeline set for rule changes.