Boring Money eyes Targeted Support opportunities as FCA publishes final rules

Today, the FCA released its PS25/22 publication: Supporting consumers’ pensions and investment decisions: rules for Targeted Support.

The new rules aim to address the UK’s weak retail investment culture by creating a new form of support to help consumers. This will allow firms to give support to consumers on whether and how to invest or save for their pensions. Firms will be able to make recommendations for groups of consumers, directing people to products or to take actions with existing products that could put them in a better position in their financial lives.

Boring Money’s Holly Mackay comments, “I think Targeted Support is the most exciting regulatory change we have seen in a decade. For too long now, the industry has felt unable to help more consumers who cannot afford financial advice – we have lived in an environment of millions being perfectly wrong instead of approximately right. We need to enable and support the 12.3 million stuck in the Advice Gap today, and our research suggests that Targeted Support, if deployed well, can lift 5.9 million people out of this gap.”