Closing The Advice Gap – The Introduction Of "Targeted Support"

The FCA's recent proposals for the introduction of "targeted support" are part of its continuing efforts to enable consumers to make more informed decisions about their pensions and investments. The goal is to close the "advice gap" so that more people get the help they need to make better choices for their long-term financial health. Firms providing targeted support will be able to make specific recommendations to groups of consumers with similar characteristics to help them achieve better financial outcomes. The importance attached to this by the Government was confirmed in this week's Mansion House speech in the context of reversing the "tangled system of financial advice and guidance" which has led to consumers not receiving the right support.