LNB News 12/12/2024
Document Information
Issue Date: 12 December 2024
Published Date: 12 December 2024
Jurisdiction(s): England, Scotland and Wales
The Financial Conduct Authority (FCA) has initiated a consultation on a proposed new ‘targeted support’ regime for pensions decision-making, as part of the joint government and FCA Advice Guidance Boundary Review. This regime aims to allow authorised firms to provide tailored suggestions to consumers in similar circumstances, potentially bridging the gap between financial advice and guidance. The consultation, open until 13 February 2025, seeks feedback on the role of targeted support in aiding future savings and retirement planning, as well as the standards required for high-quality delivery. The government is exploring various implementation routes, including potential legislative changes. This initiative forms part of a broader government strategy to enhance financial decision-making support, which includes replacing EU-inherited PRIIPs Regulation, creating pension dashboards that offer a secure platform for individuals to access an overview of their pension savings online and implementing the Pensions Investment Review which will seek to enhance investment, increase pension funds and address...
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