CP26/23 is the FCA's consultation on narrowing the scope of the Consumer Duty, proposing that clients with at least £10 million in investable assets can opt up to a lighter regime, with a modified qualitative test for opting up others. It was published on 29 June 2026, responses are due by 18 September 2026, and final rules are expected early next year. For opted-up clients, the Duty would apply only to the opt-up process itself. The proposal solves a proportionality problem for wealth managers and creates a marketing one, because promotions don't know who's reading them.
Key facts
- Published: 29 June 2026 (CP26/23); responses due 18 September 2026; final rules expected early 2027
- Core proposal: clients with £10m+ investable assets can opt up, or firms can apply a modified qualitative test to opt up others
- Effect of opting up: the Consumer Duty applies only to the opt-up process, not the ongoing relationship
- Unchanged: the financial promotions rules and the fair-clear-and-not-misleading standard apply regardless of opt-up status
- The open question for marketing teams: a promotion that reaches both opted-up and retail audiences must be built to the higher standard
What is the Consumer Duty opt-up proposal?
Under CP26/23, the FCA proposes to let wealth managers treat certain sophisticated, high-net-worth clients as outside most of the Consumer Duty. Clients with investable assets of at least £10 million could opt up through a defined process, and firms could apply a modified qualitative test to opt up clients below that threshold. Once opted up, the client sits outside the Duty's ongoing requirements; the Duty governs only whether the opt-up itself was done properly.
The FCA's rationale is proportionality. Applying retail-grade protections to clients who negotiate bespoke terms with private bankers costs firms compliance effort that produces little protection. The consultation runs to 18 September 2026.
Does the opt-up change financial promotions rules?
No, and this is the point most early commentary skips. The financial promotions regime and the Duty are separate obligations. A promotion must be fair, clear and not misleading whoever it reaches, and the Duty's consumer understanding outcome applies wherever retail customers can see the communication.
Which creates the practical problem: firms don't market to individually classified clients, they market to audiences. The same fund page, LinkedIn post or event invitation reaches a £15m opted-up client and a £200k retail one in the same scroll. Unless a channel is genuinely restricted to opted-up clients, the content in it needs to meet the retail standard, and "we mostly serve sophisticated clients" has never been a defence the FCA accepts on promotions.
How should wealth managers handle marketing if the opt-up lands?
The workable model is channel segmentation with a default to the higher standard.
First, map which channels are genuinely restricted. A password-gated portal for opted-up clients can carry communications built to the lighter standard. A website, a social feed, a sponsored piece or a seminar with open registration cannot, whatever the target list said.
Second, tag content by audience at submission. The approval workflow should force the question the opt-up makes material: who can see this? If the honest answer is "anyone", it's a retail promotion with full Duty expectations, and the reviewer applies that bar.
Third, evidence the segmentation. If the FCA asks why a communication to an opted-up client omitted retail-grade framing, the firm needs to show the channel was restricted and the client's opt-up was valid at the time. That's an audit-trail question, and it lands on the promotions register, not the client file.
Fourth, don't build the lighter standard into templates yet. CP26/23 is a consultation; the thresholds, the qualitative test and the boundaries may all move before final rules land next year. Build the tagging capability now, and the standards toggle when the rules are final.
FAQ
What is CP26/23?
The FCA's consultation on changing the scope and proportionality of the Consumer Duty, published 29 June 2026, including the proposal for wealthy clients to opt up out of most Duty protections. Responses are due 18 September 2026.
Who can opt up under the proposal?
Clients with at least £10 million in investable assets, plus others a firm opts up via a modified qualitative test.
Does the Consumer Duty still apply to opted-up clients?
Only to the opt-up process itself, under the proposal. The ongoing relationship would sit outside most Duty requirements.
Do promotions to wealthy clients still need to follow FCA rules?
Yes. The financial promotions regime applies regardless of a client's Duty status, and any promotion retail customers can see needs to meet the retail standard, including the Duty's consumer understanding outcome.
Adclear's approval workflow tags every promotion by audience and channel at submission, so the standard applied is a decision, not an accident. Book a demo.
Once you're booked in, we'll send you a free playbook on Financial promotions compliance for FinTechs.
