We react to FCA update on the Advice Guidance Boundary Review

Rob Yuille, ABI Head of Long-Term Savings Policy said:

"Navigating the financial world can be confusing and many consumers aren't receiving enough support. This can harm their financial resilience and living standards, especially in retirement. We're very pleased the FCA is committed to developing its targeted support proposal, supported by independent consumer research and upcoming consultations on pensions and retail investments. We call for continued collaborative policy development between industry, consumer groups and regulators as has worked so effectively up until this point.

The review outputs should align with Government plans for pension scheme trustees to provide guided retirement services to their members. We want to see consistent consumer outcomes regardless of whether it is TPR or FCA that regulates someone's pension product.

It's reasonable to focus more on the development of targeted support for now, but we also support the FCA's continued exploration of simplified advice."