• Consumer Duty – 44/52 = 85%
• Customer Vulnerability – 27/52 = 52%
• Financial Crime and AML/CTF Obligations – 21/52 = 40%
• Data Returns and Ad-hoc Requests – 16/52 = 31%
• Transaction Reporting – 9/52 = 17%
• Operational Resilience and Cyber Security – 7/52 = 13%
• Pensions Reform and IHT – 7/52 = 13%
• Sustainability Disclosure Requirements (SDR) and ESG – 6/52 = 12%
• Targeted Support – 6/52 = 12%
• Disclosure Reform and Consumer Composite Investments (CCI) – 2/52 = 4%
• T+1 Accelerated Settlement – 2/52 = 4%
• FOS and Complaints Handling – 2/52 = 4%

• Consumer Duty – 37/56 = 66% (down from 85%)
• Financial Crime and AML/CTF – 23/56 = 41% (up from 40%)
• Regulatory data returns and Ad-hoc Requests – 20/56 = 36% (up from 31%)
• Customer Vulnerability – 19/56 = 34% (down from 52%)
• Transaction Reporting – 15/56 = 27% (up from 17%)
• Operational Resilience and Cyber Security – 14/56 = 25% (up from 13%)
• FOS and Complaints Handling – 8/56 = 14% (up from 4%)
• Pensions Reform and IHT – 3/56 = 5% (down from 13%)
• Targeted Support – 3/56 = 5% (down from 12%)
• Disclosure Reform and Consumer Composite Investments (CCI) – 3/56 = 5% (up from 4%)
• T+1 Accelerated Settlement – 2/56 = 4% (unchanged)
• Sustainability Disclosure Requirements (SDR) and ESG – 1/56 = 2% (down from 12%)

• To a large extent – 13/56 = 23% (down from 29%)
• To a moderate extent – 31/56 = 55% (down from 56%)
• To a limited extent – 12/56 = 21% (up from 12%)
• Not at all – 0/56 = 0% (down from 4%)

• Much clearer – 4/56 = 7% (up from 6%)
• Somewhat clearer – 21/56 = 38% (down from 48%)
• Somewhat less clear – 2/56 = 4% (unchanged)
• Much less clear – 1/56 = 2% (unchanged)
• No change – 28/56 = 50% (up from 40%)

• Significantly – 5/56 = 9% (down from 15%)
• Slightly – 15/56 = 27% (down form 29%)
• Moderately – 26/56 = 46% (up from 40%)
• Not at all – 6/56 = 11% (up from 8%)
• Too early to tell – 4/56 = 7% (down from 8%)

• Yes, very supportive – 0/56 = 0%
• Somewhat supportive – 17/56 = 30%
• Neutral/no strong view – 25/56 = 45%
• Somewhat unsupportive – 10/56 = 18%
• No, very unsupportive – 3/56 = 5%

• Increased significantly – 7/56 = 13% (down from 31%)
• Increased slightly – 29/56 = 52% (up from 48%)
• Stayed the same – 16/56 = 29% (up from 13%)
• Decreased – 0/56 = 0% (down from 4%)
• Not sure – 4/56 = 7% (up from 4%)

Two incorrect responses in the data set: Somewhat supportive and somewhat unsupportive (form Q5) appeared in the list. Have categorised these as ‘not sure’.

• My firm does not intend to offer Targeted Support services at any time – 35/56 = 63%
• My firm does not currently intend to offer Targeted Support services from April, but plans to in future – 9/56 = 16%
• My firm intends to offer Targeted Support services from April but is not prepared for the new regime – 4/56 = 7%
• My firm intends to offer Targeted Support services from April and is prepared for the new regime – 1/56 = 2%
• Other – 7/56 = 13%

• My firm does not intend to offer Simplified Advice services at any time – 25/56 = 45%
• My firm may offer Simplified Advice but is waiting for further details on what it could entail – 20/56 = 36%
• My firm intends to offer Simplified Advice services – 1/56 = 2%
• Other – 10/56 = 18%

• Strongly agree – 1/56 = 2%
• Agree – 21/56 = 38%
• Neither agree nor disagree – 32/56 = 57%
• Disagree – 2/56 = 4%
• Strongly disagree – 0/56 = 0%

• Strongly agree – 2/56 = 4%
• Agree – 15/56 = 27%
• Neither agree nor disagree – 29/56 = 52%
• Disagree – 8/56 = 14%
• Strongly disagree – 2/56 = 4%

• Clarify client engagement requirements and the level of reliance firms can place on existing data – 24/56 = 43%
• Clarify what data MI firms should collect to demonstrate the value of the service to clients – 23/56 = 41%
• Remove the requirement for annual suitability assessments – 13/56 = 23%
• Clarify expectations of firms regarding disengaged and deceased clients – 13/56 = 23%
• No reforms needed – 8/56 = 14%
• Other – 5/56 = 9%

• Strongly agree – 6/56 = 11%
• Agree – 17/56 = 30%
• Neither agree nor disagree – 24/56 = 43%
• Disagree – 8/56 = 14%
• Strongly disagree – 1/56 = 2%

• Reducing the cash ISA allowance to £12,000 – 20/56 = 36%
• Extending the freeze on the inheritance tax nil rate band – 10/56 = 18%
• Extending the freeze on the personal allowance and higher rate of income tax threshold – 10/56 = 18%
• Introducing employer and employee NICs on salary-sacrificed pension contributions above £2,000, from April 2029 – 9/56 = 16%
• Increasing the basic and higher rates of dividend tax – 3/56 = 5%
• Reducing capital gains tax relief on disposals to employee ownership trusts – 1/56 = 2%
• Other – 3/56 = 5%

• Strongly agree – 0/56 = 0%
• Agree – 4/56 = 7%
• Neither agree nor disagree – 13/56 = 23%
• Disagree – 25/56 = 45%
• Strongly disagree – 14/56 = 25%

• Strongly agree – 2/56 = 4%
• Agree – 7/56 = 13%
• Neither agree nor disagree – 12/56 = 21%
• Disagree – 22/56 = 39%
• Strongly disagree – 13/56 = 23%

• Simplified reporting and reduced duplication of returns – 29/56 = 52% (up from 48%)
• Clearer, more consistent regulatory communication – 26/56 = 46% (down from 54%)
• Realistic timelines for new rules – 22/56 = 39% (up from 23%)
• More consistent and reliable regulatory responses – 19/56 = 34% (new option)
• Proportional regulation for smaller firms – 15/56 = 27% (down from 38%)
• More outcomes-focused, less prescriptive regulation – 14/56 = 25% (down from 37%)
• Better coordination across regulators (e.g. FCA, PRA) – 9/56 = 16% (up from 12%)
• Support for responsible innovation (e.g., AI, digital tools) – 8/56 = 14% (up from 12%)
• Greater retail investor access and engagement – 4/56 = 7% (down from 13%)
• None of the above – 1/56 = 2%
• Other – 0/56 = 0%

• Strongly enabling – 1/56 = 2% (down from 4%)
• Somewhat enabling – 17/56 = 30% (up from 25%)
• Neutral – 32/56 = 57% (up from 42%)
• Somewhat constraining – 5/56 = 9% (down from 27%)
• Strongly constraining – 1/56 = 2% (unchanged)