On January 22, 2015, the FCA issued its Finalized Guidance on retail investment advice, which aims to explore and clarify the barriers and boundaries affecting market development. The guidance follows on from the FCA's two consultations on the topic and focuses on what may constitute a personal recommendation for retail investments. The guidance also discusses how firms should communicate with customers so that required information is passed on to customers in an accessible and understandable format, and deals with the concept of regulated advice, generic advice, focused advice and personal advice, and well as what amounts to investment advice under Markets in Financial Instruments Directive.

The Finalized Guidance is available at: http://www.fca.org.uk/static/documents/finalised-guidance/fg15-01.pdf.