The Financial Conduct Authority (FCA) is set to commence consultations in December, focusing on providing targeted support for pension savers.
- This move is part of the FCA’s ongoing Advice Guidance Boundary review, addressing the existing advice gap within the pensions sector.
- The consultation aims to gather feedback and assess the capacity of small advice firms in offering simplified advice services.
- Targeted support in the pensions arena has been identified as a critical requirement by the FCA.
- The consultation will determine potential frameworks for delivering this support effectively.
The Financial Conduct Authority (FCA) is initiating consultations in December, aiming to enhance support frameworks for pension savers. This initiative is integral to the FCA’s broader Advice Guidance Boundary review, which seeks to address the pressing issue of the advice gap within the pensions sector.
To address this gap, the FCA plans to engage with small advice firms throughout 2025. These engagements will be conducted through roundtables designed to evaluate the firms’ capability and readiness to provide simplified advice services. The feedback gathered during these interactions will play a crucial role in shaping the FCA’s approach to targeted support.
The necessity for focused intervention in the pensions sector has been underscored by recent FCA findings. In light of these findings, the upcoming consultation will explore how support can be structured to meet the identified needs efficiently. Participants in the consultation will have the opportunity to contribute insights that could inform the development of potential support frameworks.
By seeking input from various stakeholders, the FCA aims to tailor its strategies to better serve pension savers. This consultative approach is expected to yield insightful perspectives that will help outline effective mechanisms for support delivery.
The FCA’s upcoming consultation is a pivotal step towards bridging the advice gap and enhancing support for pension savers.
