Millions of people set to get extra help with investments and pensions decisions - FCA

Over the next decade at least 18 million people could be offered extra help with their investments and pensions with the introduction of targeted support by the Financial Conduct Authority (FCA). 

The ground-breaking new service will allow firms to make specific suggestions to consumers – so they can make better informed decisions about what to do with their money. 

The need for greater support is stark. According to the latest FCA data, there were around 7 million adults in the UK with £10,000 or more in cash savings who could be missing out on the benefits of investing throughout their lives. Less than 1 in 10 people obtain regulated financial advice. However, nearly 1 in 5 turn to family, friends or social media for help making decisions. 

Sarah Pritchard, deputy chief executive of the FCA, said,   

“Targeted support will be game changing. It means millions of people can get extra help to make better financial decisions.  

“We also hope it will build greater confidence to invest. While investing will not be right for everyone, we know people in the UK invest less compared to the EU or US. People in the UK could be missing out on the potential benefits of investing in the medium to long term.”  

What can people expect with targeted support? 

Targeted Support is a flexible and futureproof framework underpinned by the Consumer Duty. It will enable firms to innovate and better support their customers. 

Consumers will receive recommendations, but they will not be based on a full, in-depth individual assessment. Firms will need to make sure the recommendations are suitable and should only be offered when it puts consumers in a better position.  

Earlier this week we finalised changes to the way that firms disclose information to consumers through new rules for retail disclosures (CCIs) to further support people making better informed decisions. 

The FCA are also consulting on ways to further modernise pension rules including projections and non-advised defined contribution transfers to strengthen consumer protection as part of wider government and regulatory reforms. 

Notes to Editors 

• We plan to open the gateway for applications in March 2026, before the new rules come into effect. New legislation will have to be passed by the government before targeted support goes live. 

• We are already helping firms to prepare for the gateway opening through our pre-application support service. Firms which come to the gateway demonstrably ready, willing and organised to undertake targeted support will be authorised swiftly after the provisional go-live date in April 2026. 

• We will also publish joint statements with the Financial Ombudsmen Service and the Information Commissioner's Office. These support firms in offering targeted support by clarifying the approach to consumer complaints and redress, and how to consider existing direct marketing rules such as Privacy and Electronic Communications Regulations (PECR). 

• Over half (54%) of those who have £10,000 in cash savings – but who are not advised – say they have not really thought about investing or had not thoughtsabout this at all.  

• We know that many consumers who could invest but don't, say that  this is because they don't know enough, they feel overwhelmed,  or they need more support.

• Consumers find decision making on pensions difficult. 3 out of 4 (75%) of defined-contribution pension-holders, aged 45 or over, do not have a clear plan for how to take their money.  

• Only 1 in 5 (22%) of DC pension holders aged 45 or over say they have a good understanding of their pension access options.