FCA's Targeted Support Proposals
There is a 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 government's efforts to increase retail investor participation and the need for informed financial decisions have made the Financial Conduct Authority's (FCA) targeted support proposals a vital first step.
The need to help consumers make better informed financial decisions is greater than ever.
Pimfa strongly supports the FCA's ambition to provide consumers with better tools to navigate their retirement decisions, although the proposals may have limited impact on turning savers into investors.
Author's summary: FCA's support proposals are a welcome step to address the UK's support gap.