Our near-final rules for a new regulatory framework for targeted support in pensions and retail investments.
Pensions and retail investments have a vital function allowing people to build wealth and provide income for later life. We want consumers to be confident making decisions about their pensions and investments.
Targeted support will allow firms to provide suggestions designed for groups of consumers with common characteristics to help them make important decisions across their pensions and investments. The framework covers the design, delivery and purpose of targeted support, enabling millions of consumers to receive high-quality, meaningful support in a range of circumstances.
We've published 2 joint statements with regulatory partners. The first with the Financial Ombudsman Service, which clarifies how the FCA and the Financial Ombudsman Service will work together in the event of future complaints relating to targeted support. The second with the Information Commissioner’s Office, on how firms can communicate with consumers in the context of existing direct marketing rules.
We’re publishing near-final rules, so firms have as long as possible to prepare.
We are on track to enable firms to begin applying for permission to provide targeted support from March 2026, before the new rules come into effect, subject to legislation. We expect the rules to take effect from 6 April 2026.
In the meantime, our pre-application support service (PASS) is available to firms planning to apply for a targeted support permission. Firms can request a pre-application meeting via the PASS section of Connect.
The choices consumers make about their pensions and investments are of the utmost importance for their financial wellbeing. But it’s clear that there is a gap in the support available.
We estimate around 23 million consumers are currently underserved by the markets for advice and guidance. We’re addressing this ‘advice gap’ by creating a new form of support to help consumers: targeted support.
We welcome the announcement by the Government to take forward secondary legislation to enable workplace pension providers to deliver targeted support communications to members who have not opted out of direct marketing. This could significantly increase the number of pension savers that firms could provide proactive targeted support communications to.