FCA

Extension will apply to 37,000 firms

One firm estimated IT costs of £1m a year alone

Considered prescribing how firms should support ‘vulnerable consumers’

'This does not compete with financial advice. It's an early stepping stone on the advice journey'

Regulator will look to amend existing rules

Firms could generate up to £499 in revenue per customer

FCA working with Information Commissioner’s Office on solutions

FCA urges firms to treat all recipients of targeted support as retail customers

Proposes to exclude products subject to marketing or distribution restrictions

Firms must signpost consumers to MoneyHelper’s annuities comparison tool