21 May 2026
If you are covering the closing of the Simplified Advice consultation tomorrow, please see the following comment from Sam Christopher, proposition director at Quilter:
"Simplified Advice could unlock advice for millions of people with straightforward needs who are currently excluded by cost, complexity or process, and that would be a meaningful step towards closing the advice gap but it will only succeed if it genuinely changes how advice is delivered, not just how it is described.
“We support the FCA’s direction, but confidence is the critical missing ingredient. Firms need absolute clarity on what proportionality really means in practice, and reassurance that sensible, limited-scope advice will not be picked apart with hindsight. Without clear alignment between the FCA and the Financial Ombudsman Service, there is a real risk that Simplified Advice remains theoretical, with firms sticking to existing, overly cautious models.
“The framework must allow the advice journey to be less intricate than full holistic advice. That means gathering sufficient rather than exhaustive information, producing shorter, more focused suitability reports, and relying on professional judgement without fear of retrospective challenge. If those flexibilities are not clearly embedded, the reforms will struggle to deliver lower-cost advice or better consumer engagement.
“Simplified Advice should not sit in isolation. Alongside Targeted Support and full financial advice, it can form part of a clearer, more graduated system of help. If the FCA gets the detail right, these reforms together could materially widen access to advice. If it does not, the industry risks another well-intentioned reform that looks good on paper but changes little on the ground.”
