Consultation opens
12/12/2024
12/12/2024
Consultation closes
13/02/2025
We are consulting on how we can take forward a new type of support for consumers with their pensions, called targeted support.
January 2025 update: We have updated Annex 2 to align with the questions in the rest of the consultation paper.
This consultation paper sets out our high-level proposals for targeted support in pensions, as part of the Advice Guidance Boundary Review (AGBR). This follows the initial proposals we outlined jointly with the Government in DP23/5[2].
Targeted support would exist between current guidance-based services and more bespoke advice. It aims to help consumers, at scale, make effective, timely and properly informed decisions about their pensions. We say how we see this support working, and the conduct standards we are proposing to ensure better outcomes for consumers.
We’re not consulting on new rules at this point, but we are seeking initial feedback on our proposed direction.
This consultation is relevant to:
Please respond to this consultation by 13 February 2025. You can respond using our online response form[3] or by emailing: [email protected].
We are not consulting on rules at this time. We are developing related targeted support proposals for wider investments. We plan to consult on detailed requirements with draft rules and guidance by the end of the first half of 2025 that will apply across retail investments and pensions.
We will also provide an update on our work on simplified advice and providing further clarity around the advice guidance boundary, which we also explored in DP23/5.
In December 2023, DP23/5 opened discussion under the AGBR about how we could better ensure people have access to the right support to navigate complicated financial decisions.
In November 2024 we set out our next steps and that we would first focus on pensions[4].
To help support our policy development, we commissioned consumer research[5] to test targeted support with consumers.
We are publishing this consultation paper alongside our discussion paper on certain aspects of our pensions regulatory framework. Our discussion paper sets out how we may adapt our requirements given the changing market in recent years.
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