Ongoing advice returns to the top regulatory agendaPhoto: Bloomberg/Hollie Adams/Getty Images

The requirement for wealth managers to review the suitability of client investments each year could be scrapped as part of a radical overhaul of the Financial Conduct Authority’s rules.

As part of a survey sent to financial advice firms seen byFinancial News, the regulator said it was considering giving firms the flexibility to review portfolios every 18 months or two years instead, or axing the requirement altogether.