FCA's Targeted Support Proposals
The UK has a 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.
The need to help consumers make informed financial decisions is greater than ever, given shifting retirement expectations and the government's drive to increase retail investor participation.
The Financial Conduct Authority's targeted support proposals have been a vital and welcome first step.
Pimfa strongly supports the ambition to give consumers better tools to navigate their retirement decisions, although there is some scepticism about the usefulness of these proposals in turning savers into investors.
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 welcome first step.