The regulator left it late in the year to publish the final rules governing targeted support with a launch planned for April 6th. The striking figure, though quite a target, is for 18 million people to be offered targeted support in the next decade as indeed the FCA press release states.
There is an interesting carve out for providers from existing rules around marketing, agreed with the Information Commissioner’s Office and reported in Corporate Adviser.
The same title also notes the FCA acknowledgement that the targeted support regime will not extent to TPR-regulated Master Trusts, though that feels like something of an anomaly.
Money Marketing confirms that the final targeted support rules will now allow consumers to be directed to annuity brokerages, a change from previous plans which only envisaged direction to the Money and Pensions Service's annuity tool.
However, although suitability for targeted support purposes will be defined as being in that moment in time rather than ongoing, the ability to take complaints to FOS is still viewed as a barrier, with Citywire noting that firms can be liable for unsuitable targeted support suggestions.
Quick of the mark, workplace pensions advice platform AllAdvised secured (FCA authorisation to provide regulated financial advice to employees and pension scheme members across this week, again as Corporate Adviser notes.
Targeted support has the potential to be ‘transformative’ reports FTAdviser while IFA Magazine gives the view of a range of practitioners and experts.
Separately, the FCA suggests that it never demanded certain types of risk warning as the London Financial News headline sums up ‘Your capital is at risk’: FCA takes aim at pointless investor warnings.
