Annual reviews may change, but ongoing advice still matters

The Financial Conduct Authority’s (FCA) recent Consultation Paper 26/10 signals a notable shift in how ongoing financial advice may be delivered in future.

Following industry feedback, the FCA is proposing a move away from mandatory annual suitability reviews in favour of more flexible servicing models tailored to individual client needs. This shift shows they understand that a single timeline does not work for every client, and that life does not always move in twelve-month cycles.

The move toward periodic reviews is a positive step for the financial planning world. It lets firms design service levels that reflect what an individual client needs. The proposals place greater emphasis on Consumer Duty principles and firms exercising professional judgement to deliver appropriate client outcomes. By removing these rigid rules, they are asking firms to use their own professional judgement. This flexibility could help create advice models that are more accessible and cost-effective for some clients, particularly those with simpler financial needs.

The logic of flexible servicing

A fixed annual schedule is not always the best way to support a client. 

Some clients have very stable financial lives and straightforward goals, and for these people, a full formal review every single year might not be necessary. In some cases, this can lead to repetitive paperwork that adds limited value for the client.

A more flexible approach would allow reviews to happen at intervals that make sense for their specific situation and could also help make ongoing advice more proportionate and cost-effective for clients with simpler needs. However, it’s worth noting that flexibility should not be confused with reduced oversight, particularly where clients’ circumstances, objectives or tax positions may evolve quickly.

On the other hand, some clients have complex needs that require much more attention. People going through big life changes or managing more sophisticated tax structures may need higher levels of oversight that would benefit from multiple review points in a year. Some of our Family Office clients, for example, have quarterly reviews to assess investment performance, tax planning opportunities and progress against wider objectives.

The value of professional oversight

The frequency of formal reviews might be changing, but the importance of ongoing advice remains the same; financial planning is a continuous process of management rather than a one-time event. Changes in legislation and new tax rules can emerge quickly and these external factors often mean we need to make adjustments to a financial strategy. Ongoing advice increasingly involves coordination across financial planning, tax and legal considerations, particularly for clients with more complex family or business arrangements.

Market conditions are another big reason why regular oversight matters. Ups and downs in global markets, like what we have seen in the early part of this year following the conflict in the Middle East, push an investment portfolio away from its intended risk level. Regular oversight ensures that the amount of risk being taken is still right for the client’s current situation. Without this steady hand, a long-term plan can easily lose its way. The real benefit of an ongoing relationship is having a professional provide clarity when the wider world feels uncertain.

Shifting objectives and life changes

What a person wants from their money rarely stays the same forever. Personal priorities naturally evolve as people move through different stages of life. A strategy built for a young professional will look very different from one designed for a couple entering retirement. Family changes also have a huge impact on how a plan should be structured. The arrival of children, marriages, divorces, or later-life family responsibilities all require adjustments to a financial plan.

Flexible servicing should not be seen as an excuse for infrequent contact; it just means the timing of a formal review is no longer stuck to a specific calendar date. The relationship between a client and their adviser should stay active and responsive. Ongoing advice acts helps identify small issues before they turn into bigger problems and offers the peace of mind that a professional is always looking out for your financial wellbeing.

A modern approach to financial planning

Our work at TPO is built on the idea of doing what is right for each individual. At TPO, our advisers support clients through each stage of their financial journey with ongoing communication and proactive planning, which we believe are central to long-term client outcomes, regardless of how frequently formal reviews take place. 

A potential move toward periodic reviews is an invitation to have more meaningful conversations. Ultimately, it encourages firms to focus on delivering meaningful client outcomes rather than simply adhering to rigid servicing timetables.

Whether your circumstances are straightforward or more complex, ongoing financial advice should reflect your individual needs. Speak to your existing TPO contact or arrange a free initial consultation.

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The Financial Conduct Authority does not regulate tax planning, estate planning or trusts.

The information contained within this article is for guidance only and does not constitute advice which should be sought before taking any action or inaction. 

The value of your investments can go down as well as up, so you could get back less than you invested.

FCA proposals are subject to change and may not result in final guidance.

The information in this article is correct as at 18/05/2026.