FCA Targeted Support consultation

Commenting on the Financial Conduct Authority’s (FCA) Targeted Support consultation closing today, Kathryn Fleming, Head of DC Consulting, Hymans Robertson said:

“We welcome the FCA’s proposals to introduce Targeted Support. If implemented well, it could take us a step closer to individuals getting much more support than they currently do with their finances. We agree that targeted support should be treated as a separate service from guidance and advice and we eagerly await the detail of the regulatory framework to support this. 

“Like many other firms, we recognise that targeted support comes with risks, both for consumers and for firms providing it as a service. We understand these trade-offs are recognised, and it’s an example of enabling more people to access the help they need. However, one of our main concerns relates to the lack of centralisation of pre-defining situations or client segments. We believe that some centralisation or prescription of situations and segments at the outset would give greater chance of success.”

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