FCA consults on proposals for targeted support for pensions

On June 30, 2025, the Financial Conduct Authority published a consultation paper on its regulatory proposals for a new form of “targeted support” for consumers' pensions and retail investment decisions. The consultation ends on August 29, 2025.

The FCA previously consulted on proposals for targeted support for pensions in December 2024 and it is now taking forward those proposals for investments and pensions. The proposals form part of the wider Advice Guidance Boundary Review. The proposed new form of targeted support is designed for groups of consumers with common characteristics to help them make important decisions.

The FCA states that it is crucial that the provision of targeted support is regulated differently to existing forms of advice, with its own set of rules and a dedicated authorisation gateway. To enable this, HM Treasury will consult on proposed amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to create a new specified activity of targeted support, which is different to existing forms of advice. The proposed changes will be published alongside the Chancellor’s Mansion House speech on July 15, 2025.

While pension scheme trustees are not the main focus of the proposals, the FCA explicitly states that trust-based pension schemes and their trustees are within scope. The proposals open the door for providers and trustees to take a more active role in helping disengaged scheme members, particularly at retirement, to make better-informed decisions.

The Regulator has urged trustees to engage with the consultation.