FCA's Targeted Support Proposals
There is a significant support gap in the UK, with approximately 25 million people having never received regulated financial advice or guidance.
This gap is particularly concerning given the importance of pensions and retail investments in achieving long-term financial resilience, especially amidst shifting retirement expectations and government 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 support proposals are a step towards addressing the UK's financial advice gap.