We have set out the next steps in our work on closing the advice gap, following feedback on our Discussion Paper (DP23/5).
We want people to be able to make informed decisions about their finances with confidence – and for people to have access to the help, guidance and advice to do so.
We want to support a healthy investment culture, where people have the confidence to invest as well as to save. This will not only benefit consumers but will also provide capital to drive the economy and boost growth.
In December 2023, the FCA and the Government put forward proposals[1] on how we could better ensure there was affordable support for people to navigate difficult financial and investment decisions, to meet a variety of needs, in easy-to-access ways. Our recently published update explains the next steps in this work.
We will first focus on pensions. Consumers increasingly rely on defined contribution (DC) pension savings and must make complex decisions in relation to these, including how to access their pension savings. This is one of the most important financial decisions they will make.
In December 2024, we will consult on high-level proposals for targeted support in pensions, which would allow firms we regulate to provide support to pension savers in a new way.
Building on our pensions work, in H1 2025, we plan to consult on rules for better support for consumers in retail investments and pensions.
Read our full update on the Advice Guidance Boundary Review[2]
On 15 November, we also published a statement with The Pensions Regulator and the Information Commissioner’s Office, giving firms greater clarity on communications they can make to help pensions and retail investments customers.