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In an effort to improve consumer financial outcomes, the Financial Conduct Authority (FCA) has embarked on an innovative policy sprint to test its Targeted Support journey. This initiative aims to bridge the gap between generic guidance and regulated advice, providing consumers with actionable suggestions tailored to their specific needs. The policy sprint, involving 12 firms, marks a crucial step in the FCA's mission to enhance financial security for UK consumers.
The UK pension landscape faces significant challenges. Only three in ten defined contribution (DC) savers over 45 are confident that their pensions will provide the desired retirement income[1]. The FCA, under the leadership of Nikhil Rathi, recognizes that increasing contributions substantially is often not viable or sufficient for many savers. Therefore, the focus has shifted towards optimizing returns, aligning risks, and offering targeted support to improve outcomes[2].
Targeted Support is designed to provide specific, actionable suggestions to consumers based on data sets and tailored to individuals with similar financial circumstances[4]. This approach aims to fill the advice gap, making informed decision-making more accessible and cost-effective for consumers who cannot afford full financial advice[4].
Key Features of Targeted Support:
The policy sprint is a dynamic and collaborative approach where 12 firms are tasked with designing, building, and testing the consumer-facing element of a cash to equity Targeted Support journey. This initiative will culminate within the next month, providing valuable insights into how Targeted Support can be effectively implemented[2].
Objectives of the Policy Sprint:
One of the key strategies to enhance consumer outcomes is integrating Targeted Support with pension dashboards. Pension dashboards are a new platform that will allow consumers to view all their pension pots, projected retirement income, and state pension details in one place[4]. This integration promises to boost consumer awareness and engagement with pension savings, ensuring that more people can plan effectively for retirement[4].
The FCA is advocating for a more integrated financial system, where pensions, mortgages, savings, and housing wealth are considered together rather than separately. This holistic approach could lead to more flexible financial options, such as leveraging pension savings for first home purchases, a common practice in several countries like Australia and New Zealand[1].
Potential Benefits of Integrated Financial Planning:
The FCA's policy sprint to test Targeted Support is a pivotal step towards improving consumer financial outcomes in the UK. By leveraging data-driven insights and fostering a collaborative environment, the initiative holds promise for bridging the advice gap and enhancing financial literacy. As we move forward, it will be crucial to integrate Targeted Support with existing platforms like pension dashboards to create a seamless financial planning experience for consumers.
