HM Treasury has made the Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026 (S.I. 2026/74). The instrument was made on 28 January 2026, laid before Parliament on 30 January 2026, and enters into force on a phased basis. It inserts new article 55A into the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to create a regulated activity of “providing targeted support”.
Commencement is split. From 23 February 2026 the instrument enables the Financial Conduct Authority to make or approve rules, give guidance and directions, and for permission and approval applications under Parts 4A and 5 of FSMA to be made and determined in relation to targeted support. The Prudential Regulation Authority may exercise relevant powers, and the ombudsman scheme operator may make rules and guidance. For all other purposes, commencement is on 6 April 2026. The Order extends to the whole of the United Kingdom.
What counts as targeted support is defined precisely. A person uses information about an individual to place them within a group of people sharing similar characteristics or circumstances, then provides a recommendation to that individual which is presented as suitable because they are in that group. The recommendation may tell the individual to buy, sell, subscribe for, exchange, redeem, hold or underwrite a particular security, structured deposit or other relevant investment, or to exercise rights conferred by such an investment.
The Order draws a clear line between targeted support and investment advice. Where a person provides targeted support within the meaning of article 55A, they are not “advising on investments” for the purposes of article 53 of the Regulated Activities Order. The drafting updates headings and cross‑references so that article 53 continues to cover advice, while article 55A operates as a separate specified activity.
The regime includes mandatory disclosures at the point of recommendation. Firms must state that the recommendation is not based on a comprehensive consideration of the individual’s characteristics or circumstances and is not specific to that individual, and they must describe the characteristics and/or circumstances of the group used as the basis for the recommendation. This statement must be given at the same time as the recommendation.
A suite of consequential amendments aligns other provisions of the Regulated Activities Order with the new activity. Definitions and exclusions for overseas persons, suppliers connected with the sale of goods or services, groups and joint enterprises, sales of bodies corporate, local authorities, insolvency practitioners, providers of relevant goods or services and insurance distribution are amended to reference article 55A. Provisions concerning UCITS and AIF managers, claims management activity conducted by an insurance intermediary, and interpretation clauses are likewise updated.
Exemptions in the Financial Services and Markets Act 2000 (Exemption) Order 2001 are expanded so that where exemptions already cover advising on investments, they now also cover providing targeted support. This includes specified activities by social housing entities, the electricity industry, freight forwarders and storage firms, policyholder advocates and Norges Bank, promoting a consistent perimeter across sectors.
Beyond the Regulated Activities Order, several enactments are amended to include targeted support. The Companies Act 2006 minor definitions now list article 55A within the meaning of “regulated activity”. Schedule 6 to the Terrorism Act 2000 adds targeted support to the financial information provisions. The Child Support Information Regulations in Great Britain and Northern Ireland update the definition of share trading or investment management to include the new activity.
Pension transfer safeguards are also adjusted. The Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021, and the parallel Northern Ireland regulations, add providing targeted support to the definition of “a regulated activity”. The drafting preserves the logic of the existing tests by inserting targeted support as a discrete item rather than displacing current sub‑paragraphs.
For firms, the policy effect on the perimeter is immediate ahead of full commencement. From 23 February 2026, the authorisation gateway opens for permissions and approvals linked to targeted support, allowing firms to secure Part 4A permissions before 6 April. Any firm planning to present ready‑made suggestions to consumer groups should assess whether those journeys constitute targeted support under article 55A and plan permissions, governance and oversight accordingly.
Operationally, firms will need to embed the new disclosures in digital and adviser‑assisted interactions, maintain records evidencing the basis for grouping and the timing of statements, and ensure financial promotions and product governance controls anticipate the category. The FCA and, where relevant, the PRA will be able to publish rules, guidance and directions from 23 February, so compliance teams should be prepared to align processes promptly once Handbook materials are final.
The Explanatory Note states that no impact assessment has been published because no impact, or no significant impact, is foreseen on the private, voluntary or public sector. The Order applies UK‑wide and sets the statutory platform for the FCA’s targeted support regime to commence in April 2026.