FCA Omitting Protection from Targeted Support
The Financial Conduct Authority's plans for targeted support omit protection, which "doesn't make any sense" and "feels wrong", according to Roy McLoughlin.
McLoughlin, a member of the Protection Distributor's Group, expressed his concerns, stating that while he is positive about the proposals, he believes protection should be included to better support clients.
Protection within the plans "doesn't make any sense" and "feels wrong"
In June, the FCA unveiled a 190-page consultation document outlining plans for targeted support, promising "one-in-a-generation reforms". The proposals would allow firms to offer suggestions to groups of clients, although these suggestions would not be tailored to individual clients.
The FCA noted that while firms are not required to offer targeted support, it could be an "expedient way to meet its cross-cutting obligations" under consumer duty.
Author's summary: FCA's targeted support plans omit protection, sparking criticism.
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