The FCA is poised to introduce reforms that will allow banks and pension providers to offer tailored financial support, potentially benefiting millions in the UK. Current regulations restrict firms from giving personalized advice without comprehensive assessments, limiting access for most consumers. The new 'targeted support' regime will enable firms to send 'ready-made suggestions', aiding decisions on investments and retirement planning. This initiative aims to address the low percentage of UK adults receiving conventional financial advice and reduce dependence on unregulated sources, fostering informed financial decision-making.
Under the new 'targeted support' regime, firms would be permitted to send 'ready-made suggestions' to customers to help them navigate complex financial decisions.
Sarah Pritchard, executive director at the FCA, described the changes as 'once-in-a-generation reforms that will help people navigate their financial lives and give them greater confidence to invest'.
#financial-conduct-authority #financial-advice #consumer-protection #investment-guidance #retirement-planning
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