FCA backs Pension Wise move to 'personalised guidance'

Carmen Reichman
clock • 2 min read

The Financial Conduct Authority (FCA) has said it will support a move of Pension Wise towards providing a more personalised service for its clients.

Pension Wise is the government's free at-retirement guidance provider that was introduced in the wake of the pension freedom reforms to help consumers make informed decisions at point of retirement. The government's reforms introduced many savers who would have previously bought an annuity to new complex products such as income drawdown. Pension Wise is not allowed to give personal recommendations, which would be classed as financial advice and come under stricter rules. However MPs argued in a report out last October the service needed to be given more freedom to help consumers av...

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

DB transfer adviser hit with provisional FCA ban and £742,700 fine

DB transfer adviser hit with provisional FCA ban and £742,700 fine

Daniel Thomas advised 53 clients, including four British Steel scheme members

Sophia Panayi
clock 03 September 2026 • 2 min read
Proving good customer outcomes still a challenge for financial planners

Proving good customer outcomes still a challenge for financial planners

Firms face practical challenges in Consumer Duty board reporting

Sophia Panayi
clock 03 September 2026 • 2 min read
'Watershed moment' as FCA's non-financial misconduct rules come into force

'Watershed moment' as FCA's non-financial misconduct rules come into force

Enforcement ‘not a question of if, but when’

Michael Nelson
clock 02 September 2026 • 2 min read