Targeted support regime: from consultations to confirmation, HMT and FCA set course for April 2026
Pensions analysis: HM Treasury (HMT) and the Financial Conduct Authority (FCA) confirmed the shape of the new targeted support regime—described as the most significant reform to the advice/guidance boundary in more than a decade on 11 December 2025. Following twin consultations conducted during summer 2025, both the government and the FCA have now set out their conclusions and implementation timelines. The new regime is scheduled to go live in April 2026, with FCA regulated firms able to apply for permissions from March 2026. Written by Ana Patwardhan, Hogan Lovells.