The government and Financial Conduct Authority’s (FCA) proposed targeted support regime has been broadly welcomed, but industry stakeholders have warned that the rules must be refined if the framework is to be workable in practice.
The regime, a consultation on which closes today (29 August), is intended to allow authorised firms to make ready-made recommendations for groups of customers with similar characteristics, such as suggesting contribution levels for under-savers, or a specific drawdown product for those facing retirement income decisions. It is designed to sit between factual guidance and full personalised advice, offering support to consumers who currently fall into the advice gap. The government said in July that "too few UK citizens are able to access the help they need to manage their finances". It...
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