Read CP25/17

Why we are consulting 

Pensions and retail investments have a vital function allowing people to build wealth and provide income for later life. We want people to invest for their future with confidence, understanding the rewards, risks and protection they will get.   

Decisions about pensions and retail investments are complex and consumers need support. This consultation sets out our proposals to introduce a new form of support, called targeted support. Our targeted support proposals will enable firms to provide suggestions designed for groups of consumers with common characteristics to help them make financial decisions. 

This consultation also sets out our early thinking and direction of travel on simplified advice and clarifying the Advice Guidance Boundary.

Who this is for 

• Pensions and investment firms including fund and wealth managers, platforms and SIPP operators.
• Pension trustees and trust-based pension schemes.
• Banks, building societies and other firms such as friendly or mutual societies.
• Financial advice firms (particularly Chapter 9 on simplified advice).
• Trade bodies, professional and consultancy firms.
• Consumers, groups representing consumers’ interests and those who support consumers with their decision-making.

Next steps

This consultation has now closed. We are considering responses submitted to the consultation.

On 26 September 2025, we published CP25/26 on the consequential Handbook changes following proposals in CP25/17.

We aim to publish a policy statement with our final rules by the end of 2025.

Background 

In December 2023, DP23/5 opened discussion under the Advice Guidance Boundary Review about how we could better ensure people have access to the right support to navigate complicated financial decisions. 

We consulted on our proposals for targeted support for pensions in December 2024 (CP24/27).  

We are now taking forward our proposals for investments and pensions with a small number of changes. To help support our policy development, we commissioned consumer research to test targeted support with consumers.

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, the Government will consult on proposed amendments to the Financial Services and Markets Act to create a new specified activity of targeted support.