Pension providers called to fix consumer vulnerability gaps before targeted support rollout

Pensions industry ‘well off the pace’ on vulnerability

Isabel Baxter
clock • 3 min read

Pension schemes looking to offer the Financial Conduct Authority’s targeted support will ‘fall short’ unless they first address significant gaps in how they identify and manage customer vulnerability.

Support services provider MorganAsh has noted that targeted support will allow pension schemes to provide ‘ready-made suggestions' to customer segments with certain characteristics. These suggestions could focus on products, certain actions or support options. The move is designed to close the advice gap, while giving firms the opportunity to offer more scalable and lower-cost support models. However, MorganAsh has reminded pension providers that the targeted support framework is underpinned by the expectations of Consumer Duty, warning that firms must meet the requirements for custom...

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