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.
Against a backdrop of shifting retirement expectations and the government's drive to increase retail investor participation, the need for consumers to make better informed financial decisions is greater than ever.
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 limited but worthwhile.
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