FCA's Targeted Support Proposals
There is a significant support gap in the UK, with around 25 million people having never received regulated financial advice or guidance.
This gap is particularly concerning given the importance of pensions and retail investments in achieving long-term financial resilience, especially with shifting retirement expectations and the government's efforts to increase retail investor participation.
The need to help consumers make better informed financial decisions is greater than ever.
The Financial Conduct Authority's (FCA) targeted support proposals are a welcome first step in addressing this issue, aiming to provide consumers with better tools to navigate their retirement decisions.
While there may be some skepticism about the effectiveness of these proposals in converting savers into investors, they are still a worthwhile effort.
However, targeted support alone will only be able to take some consumers so far in closing the support gap.
Author's summary: FCA's proposals are a vital step in helping consumers make informed financial decisions.
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