So, where does that leave us?
The first point is clear: at Simplybiz, we welcome the regulator’ s intention. Expanding access to financial support is a goal I’ m confident everyone reading this shares. The four million people currently paying for advice should, ideally, be part of a much wider group benefiting from some level of support.
However, any new model must be carefully thought through. Communications under targeted support will need to be clear about their limitations and may need to state explicitly that, if individuals have additional assets or more complex circumstances, the suggested action may not be appropriate and that professional advice should be sought.
That is not an easy balance to strike. But if we are to move beyond a decade of static numbers, it is a balance we need to work together to get right.
As part of our commitment to grow and strengthen the financial services sector, allowing more clients to access professional advice and achieve better outcomes, we were proud to launch The Academy last month
EMAIL US TO FIND OUT MORE
The broader, longer-term challenge remains twofold.
We must continue to promote the value of advice to those not currently engaging with it. In addition, we must continue to attract and develop new advisers to increase the sector’ s capacity. Without growth in adviser numbers, it is difficult to see how the advice gap can meaningfully narrow.
Ultimately, full financial advice exists in its current form because it provides a robust framework for protecting consumers. Any alternative- whether simplified advice, targeted support, or future innovations from the regulator- must find a way to maintain appropriate safeguards whilst broadening access.
April 2026 | 7