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Financial Conduct Authority consults on handbook changes following proposals for targeted support for pensions and retail investment decisions
United Kingdom | Publication | October 2025
The FCA has published a consultation paper (CP25/26) on additional changes to its handbook to ensure that its proposals for a new form of targeted support for consumers' pensions and retail investment decisions work with existing rules.
Targeted support is aimed at filling the “advice gap” where savers are in similar circumstances but do not seek private independent financial advice on retirement. The new rules on targeted support would allow firms to make suggestions to groups of consumers with common characteristics, to help them make financial decisions.
The FCA proposes additional changes to:
- Make sure that the targeted support framework interacts effectively with existing rules, including rules relating to pensions choices.
- Refine some of its proposals, including those relating to commissions and charging.
- Ensure that the new specified activity of targeted support fits with the existing regulatory framework, such as reporting requirements.
The consultation period was short and closed on October 17, 2025. The FCA plans to publish feedback on the consultation, together with final rules, in a policy statement in December 2025.
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