Plugging the support gap in retirement 'not FCA's role'

Majority of professionals say FCA should not have to plug support gap

Sahar Nazir
clock • 1 min read

The majority of industry professionals believe that the Financial Conduct Authority (FCA) should not be responsible for plugging the support gap for those transitioning into retirement.

In a recent PA Asks poll, 61% said the FCA should not be tasked with this responsibility, whilst only 16% said they believed it is the regulator's job. Nearly a quarter (23%) admitted uncertainty on the matter. One respondent who said the FCA should not be responsible for plugging the support gap, said if the industry relies on the watchdog to "innovate", then professionals "will be waiting a very long time". The respondent continued: "This is not the FCA's role. The advice profession needs to do this, some will succeed, and some will fail, that is how the market should work. Too m...

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 Your profession

Defaqto eyes further acquisitions after RSMR buyout

Defaqto eyes further acquisitions after RSMR buyout

‘No immediate plans to merge Defaqto and RSMR's propositions directly'

Sahar Nazir
clock 16 July 2024 • 2 min read
Financial advisers unprepared for great wealth transfer

Financial advisers unprepared for great wealth transfer

Only a third of advisers have a plan in place for the Great Wealth Transfer

Sahar Nazir
clock 16 July 2024 • 2 min read
Women in Financial Advice Awards 2024: Shortlists revealed!

Women in Financial Advice Awards 2024: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 6 November

Professional Adviser
clock 16 July 2024 • 8 min read