FCA's Targeted Support Proposals
There is a significant support gap in the UK, with around 25 million people having never received regulated financial advice or guidance, despite the importance of pensions and retail investments for long-term financial resilience.
The Financial Conduct Authority's (FCA) targeted support proposals are a vital first step in addressing this issue, aiming to provide consumers with better tools to navigate their retirement decisions.
The need to help consumers make better informed financial decisions is greater than ever.
While the proposals have limitations, Pimfa strongly supports the ambition behind them, recognizing that targeted support can only take some consumers so far in closing the support gap.
Author's summary: FCA's proposals are a worthwhile step to address the UK's support gap.