The government will publish proposed draft legislation to support a new regime to give people the confidence to invest and make more informed decisions about their pensions
- The FCA today published draft rules for a new regime of targeted support to enable firms to do more to support consumers with investing and managing their pensions.
- As part of the Mansion House package on 15 July, the government will publish a policy note on proposed legislative changes to enable the future implementation of targeted support.
The government and the Financial Conduct Authority (FCA) are conducting a review of the regulatory boundary between financial advice and guidance to improve access to timely and affordable help with financial decision-making.
Today, the FCA published draft rules for a new regime called targeted support which would enable authorised firms to provide more support to consumers with their pensions and investments, by making suggestions appropriate to consumers with similar circumstances and characteristics. Targeted support forms part of the government's workplace pension roadmap and will be complemented by a range of other measures to address the challenges faced by pensions savers.
To enable the implementation of targeted support, the government will publish a policy note setting out proposed changes to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The note and draft statutory instrument will be published alongside the Chancellor's Mansion House speech on 15 July.
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The FCA's consultation on the draft rules for targeted support is open until 29 August 2025. The process for providing feedback on the draft statutory instrument will be confirmed on 15 July.
