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.
This gap exists despite the importance of pensions and retail investments in achieving long-term financial resilience, particularly in light of shifting retirement expectations and the government's efforts to increase retail investor participation.
The need to help consumers make better informed financial decisions is greater than ever.
The Financial Conduct Authority's (FCA) targeted support proposals are a welcome first step in addressing this issue, with Pimfa strongly supporting the ambition to provide consumers with better tools to navigate their retirement decisions.
However, it is acknowledged that targeted support will only be able to take some consumers so far in closing the support gap.
Author's summary: FCA's proposals are a worthwhile step to support UK consumers.