FCA Advice Guidance Boundary Review

Commenting on the FCA Advice Guidance Boundary Review ‘Proposed targeted support reforms for pensions’ launched today, Kathryn Fleming, Head of At-Retirement Services, Hymans Robertson says:

“This is a much-needed step forward for the industry as the ability to really support members with their retirement planning has been crippled by providers’ fear of stepping over the advice guidance boundary. Having access to MoneyHelper and PensionWise has been helpful, but take up has been low, so being able to get more tangible, targeted support directly from a pension provider to all members will materially improve outcomes. Members will now be able to get a better sense of what they should do at retirement, instead of simply what they could do. The trick will now be delivering this in a way that is relatable and has the desired impact. Not easy, but still a huge step forward.”