The Financial Conduct Authority has confirmed its targeted support rules following a board decision, with only minor changes made since the near-final version was published in December.
The regulator said most of the amendments simply align the rules with the Government’s legislation establishing the new targeted support activity. A minor policy change now requires firms to offer clients the option to opt out of the targeted support service itself, rather than also offering an opt-out for “information about targeted support.”
Targeted support is intended to sit between guidance and full regulated advice and will allow firms to provide suggestions to groups of consumers who share common characteristics, particularly in relation to pensions and retail investments. The aim is to give more people access to meaningful support when making long-term financial decisions.
Firms can apply for targeted support permission from 2 March with the rules taking effect on 6 April.