Following the release of the FCA’s proposals for targeted support aimed at pension savers, Lily Megson, Policy Director at My Pension Expert, reacting to the news.
She said: “The FCA’s proposals are an encouraging step towards bridging the advice gap.
“For too long, millions of people have been left without sufficient support when making important yet often complex retirement decisions, and this renewed focus on pensions as a starting point reflects the urgency of addressing this issue. By offering more tailored suggestions, these measures could provide much-needed clarity and support for those struggling to explore their retirement options.
“However, it is important that consumers understand the distinction between targeted support and full financial advice. For some, these proposals will be a valuable first step, but comprehensive advice is often critical in achieving one's long-term financial goals.
“The financial services industry has an opportunity to deliver meaningful change. Collaboration between regulators, policymakers, and providers will be key to ensuring these proposals translate into accessible and effective solutions for all savers.
“This is a chance to empower individuals to make informed decisions and build a secure retirement with confidence.”
