Outside the Perimeter: What the FCA Isn’t Telling You About Financial Advice
Steve Conley
Founder of the Academy of Life Planning & Planning My Life | Championing Values-Driven Financial Planning | Mentor to Independent Planners | Author and Advocate for Meaningful Change
Think the Advice-Guidance debate is just about FCA rules? Think again. There’s another line—less talked about, but just as important—the advice-guidance boundary outside the regulator’s reach. And it affects thousands of planners, coaches, and consumers every day.
Let’s unpack what’s really going on.
Inside vs Outside the Perimeter: What’s the Difference?
In December 2024, the FCA launched a new consultation (CP24/27). The aim? To help firms offer “targeted support” to pension savers—something between general guidance and full-fat financial advice. The consultation closed in February 2025, and it’s part of a wider push to give retail investors more help without tripping over the regulator’s rulebook.
So far, so good.
But here’s what most people miss: there’s an entire world of financial support happening outside of the FCA’s regulatory perimeter. Generic advice. Broad education. Life planning. Strategy-focused conversations that don’t involve selling a single product.
And that’s where things get murky.
Generic Advice: Unregulated, But Not Unimportant
Let’s say you’re helping a client understand the pros and cons of a drawdown pension vs an annuity. You don’t recommend a specific provider or product—just talk through the concepts.
That’s not regulated advice. It’s generic.
But now imagine the client is in poor health. You suggest that annuities probably aren’t the right fit for them. Again—no specific product, just strategic thinking. But now it’s personalised generic advice.
You’re still outside the FCA perimeter, but you’ve crossed a new line: one that carries responsibility, even without regulation.
And if something goes wrong? You’re still on the hook.
Why This Matters for You and Your Clients
Let’s break it down:
nbsp;Unregulated Information
Plain facts. Objective data. Think: “Here’s how an annuity works.”
Low risk No personalisation Educational
nbsp;Unregulated (Generic) Advice
Strategic guidance, no product plugs. Think: “Given your situation, annuities might not be the best fit.”
Still unregulated But tailored to the person Which means: you can still be liable
The legal cases back this up. In BPE Solicitors v Hughes-Holland, the courts made it clear: if you take control of someone’s financial decision—even without pushing a product—you could still be held responsible for the outcome.
The FCA’s Blind Spot?
While the FCA focuses on simplifying advice inside the perimeter—mostly for regulated firms—it’s arguably missing the bigger picture.
There are thousands of unregulated planners, coaches, and educators out there offering genuinely helpful, personalised guidance. People like us. People focused on empowering others rather than selling products.
We’re not breaking rules—we’re filling the gaps. And that gap is growing.
The danger? If the boundary isn’t clearly defined, planners could be penalised for simply helping people make smarter decisions—without ever mentioning a product.
So, What’s the Real Risk?
Insurers are wary of this space. Why? Because liability doesn’t disappear when regulation does.
If a client loses money—even based on generic advice—you could still face claims, especially if your advice was inappropriate for their circumstances.
This isn’t about scaring anyone. It’s about clarity.
Stay within your scope. Make it clear what you can and can’t do. Keep your messaging sharp, and your documentation sharper.
At the Academy of Life Planning, This Is Our Sweet Spot
We specialise in unregulated, generic financial planning. It’s not a loophole—it’s a lifeline.
We help clients:
And we help planners like you do the same—safely, ethically, and sustainably.
Final Thought: Empowerment Starts Outside the Perimeter
The FCA can keep tweaking the rules inside the perimeter all it wants. But outside the perimeter? That’s where true financial empowerment happens.
If you’re offering advice that’s personalised but not product-specific, you’re in a powerful position—but you need to know where you stand.
Because being outside the perimeter doesn’t mean being outside the law.
Want to stay protected while delivering powerful, client-focused planning? Let’s talk. The Academy of Life Planning is here to support your journey—from uncertain to unshakeable.
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Or…
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What Next?
These steps demonstrate the FCA’s commitment to evolving the regulatory framework, aiming to provide consumers with timely, appropriate, and affordable financial support.