Companies will be able to offer ‘targeted support’ to customers without being fully regulated
Pension holders will be able to receive “targeted support” from companies without it being considered fully regulated financial advice, under proposals from the UK financial watchdog. The plan, to be announced on Thursday, is part of the Financial Conduct Authority’s push to close the gap in the market for affordable financial guidance.
“Currently, many people report that they do not have the information they need to make the decisions they need to take with confidence,” said Pritchard. Only 9 per cent of UK consumers took regulated financial advice in the year to May 2024, the FCA said. It added that three-quarters of people it surveyed “did not have a clear plan for how to take their money out of their pension or didn’t know they had to make a choice”.
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