Sonya Fraser comments in Law360 on the FCA’s targeted support plan
Earlier this week, the FCA launched a consultation on its proposed regulatory framework for “targeted support”, looking to close the gap that exists between guidance and bespoke financial advice by enabling providers to give more targeted financial guidance to pension savers who share similar circumstances and characteristics. Following consultation, the FCA is aiming to publish the final rules by the end of the year.
Commenting in Law360, Sonya welcomed this news, stating that “it’s terrific to see the FCA publishing its draft rules on the targeted support regime today. Pension savers need greater access to support to avoid poor outcomes, such as under-saving for retirement or poorly informed decumulation decisions.”
Sonya explained that “many people are not willing or not able to pay for advice, and so the proposals outlined for firms to be able to deliver ‘ready-made suggestions’ for pre-defined consumer segments are absolutely a step in the right direction.”
Read Sonya’s comments in Law360, here.
The views in this article are intended for general information purposes only and should not be used as a substitute for professional advice. Arc Pensions Law and the author(s) are not responsible for any direct or indirect result arising from any reliance placed on content, including any loss, and exclude liability to the full extent. Always seek appropriate legal advice from a suitably qualified lawyer before taking, or avoiding taking, any action. If you have any questions on the points raised in the above, please do not hesitate to get in touch.