Scope of this Practice Note This Practice Note covers the specified regulated activity of ‘providing targeted support’ under amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) and the Financial Conduct Authority’s (FCA) Handbook rules contained primarily in chapter Chapter 9B of the Conduct of Business Sourcebook (COBS 9B), which came into effect on 6 April 2026 and were introduced in policy statement PS25/22: Supporting consumers’ pensions and investment decisions: rules for targeted support. It also looks at the background leading to the creation of the regulation, in particular the FCA’s Advice Guidance Boundary Review (AGBR). Background: the FCA’s AGBR and HMT publications Background to the AGBR In its Consumer Investments Strategy, published in September 2021, the FCA set out its ambition to see a consumer investment market in which consumers could invest with confidence, understanding the risks they are taking, and the regulatory protections provided. In support of this ambition, in November 2022, the FCA published consultation paper CP22/24: Broadening access to financial advice for mainstream