FCA's Targeted Support Proposals
The UK has a significant 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.
Against a backdrop of changing retirement expectations and government efforts to increase retail investor participation, the need for informed financial decisions is growing.
The Financial Conduct Authority's targeted support proposals are a vital and welcome first step.
Pimfa supports the ambition to provide consumers with better tools for navigating retirement decisions, but notes that targeted support will only partially close the support gap.
Author's summary: FCA's support proposals are a step towards addressing the UK's financial advice gap.
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