FCA's Targeted Support Proposals
The UK has a significant support gap, with around 25 million people never having received regulated financial advice or guidance, despite the importance of pensions and retail investments for long-term financial resilience.
Against a backdrop of changing retirement expectations and increased policy speculation, the need for consumers to make informed financial decisions is growing. The Financial Conduct Authority's (FCA) targeted support proposals are a welcome first step in addressing this issue.
The need to help consumers make better informed financial decisions is greater than ever.
Pimfa strongly supports the FCA's ambition to provide consumers with better tools to navigate their retirement decisions. However, targeted support will only be able to take some consumers so far in closing the support gap.
Author's summary: FCA's support proposals are a worthwhile step towards addressing the UK's financial advice gap.
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