British retail investors will have a new place to put their money by the end of the year: funds of hedge funds.

The U.K. Financial Services Authority plans to promulgate new rules allowing individuals outside the high net-worth set to invest in funds of funds. Single-manager funds will remain the preserve of institutional investors and the very rich under the proposal.

In a statement, Dan Waters, director of retail policy at the regulator, said the new rules “allow more choice and a better opportunity for risk diversification, while maintaining consumer protection.”

The FSA will consult with the industry before enacting the rules. The regulator has been mulling retail access to hedge funds for more than two years.