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 help consumers make better informed financial decisions, particularly in regards to retirement.
The need to help consumers make better informed financial decisions is greater than ever.
Pimfa strongly supports the FCA's ambition, although there is some scepticism about the effectiveness of the proposals in turning savers into investors.
Ultimately, 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 worthwhile step.
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