FCA confirms Osborne's 'right to advice' pledge means guidance only

Carmen Reichman
clock

The Chancellor's 'right to advice' for pensioners at the point of retirement will be a right to 'free impartial guidance', not regulated advice, the Financial Conduct Authority (FCA) has confirmed.

Asked by the Treasury select committee whether it was clear to the FCA what George Osborne had been referring to in his Budget speech last month, when he guaranteed retirees the right to free advice, FCA director of policy, risk and research Christopher Woolard said he had definitely meant guidance. He said: "The word advice with a lower case a is used very commmonly in the financial services industry. "The thing we are working on is guidance. We are absolutely clear about that. We are not asked to put full independent financial advice in front of everybody." Asked by Labour MP Pat...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Consumer Duty Alliance launches data forum to help with FCA expectations

Consumer Duty Alliance launches data forum to help with FCA expectations

Chaired by Model Office’s Chris Davies

Isabel Baxter
clock 26 June 2025 • 1 min read
'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

'Risk aversion' from FCA and PRA limiting UK growth and competitiveness

Regulators 'constraining firms', House of Lords report claims

Patrick Brusnahan
clock 13 June 2025 • 2 min read
FCA targeted support communication to 'ramp up' as further guidance issued

FCA targeted support communication to 'ramp up' as further guidance issued

Regulator expected to update the industry this month

Isabel Baxter
clock 09 June 2025 • 5 min read