Support Gap in the UK
Approximately 25 million people in the UK have never received regulated financial advice or guidance, despite the importance of pensions and retail investments for long-term financial resilience.
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 retirement decisions.
The need to help consumers make better informed financial decisions is greater than ever.
Pimfa supports the FCA's ambition, although there is some scepticism about the proposals' effectiveness in turning savers into investors.
Author's summary: FCA proposes targeted support to address UK's financial advice gap.