SJP welcomes the publication of the consultation on targeted support reforms for pensions and looks forward to continuing our collaboration with the FCA, HM Treasury, and the wider sector to help finalise this critical area of regulatory change.
Ian MacKenzie, Chief Operations and Technology Officer at St. James’s Place says: “We are passionate advocates of personalised, face-to-face advice, and we strongly believe that increasing the availability of financial advice is key to addressing the advice gap and ensuring great outcomes in retirement. However, we also recognise the need for more to be done for consumers who do not currently receive any form of advice. The proposals around Targeted Support present an excellent opportunity—both for consumers and the industry—to bridge this gap.
“We fully support the aims the FCA and HM Treasury are seeking to achieve, namely: that consumers are able to make better-informed decisions, avoid poor outcomes, and are actively engaged with their pensions. We believe Targeted Support would be helpful in providing guidance to those who are in decumulation, but we also see opportunities to help those in accumulation.”
“There are likely to be multiple avenues for firms supporting retail investors to utilise these proposals in developing new services for those not yet ready to receive advice. There are also opportunities to assist clients who have invested but may no longer be receiving advice to help support their financial goals, including retirement planning.”
“There is a lot of detail to consider in this latest consultation. Key to the success of these proposals will be whether consumers fully understand what they have received and what they haven’t (i.e. that it isn’t advice). We look forward to continuing to work with the FCA, HM Treasury, and the rest of the sector on the designs of these important reforms and ensuring that they serve the needs of consumers and clients.”
