SPP offers feedback on FCA’s new consumer support strategy

The Association of Pensioners Specialists (SPP) has issued a response to the recent consultation of the FCA, which aims to enhance the support of decision -making for consumers in the pension and investment sectors.

The FCA initiative, entitled “Supporting pensions for consumers and investment: proposals for targeted support”, the concept of targeted support, which aims to help companies provide more specialized guidelines for specific groups of consumers.

FCA advisory document also provides initial ideas on simplifying financial advice and clarifying the borders between advice and guidance.

This is part of the organizer’s strategy to support policy development, supported by consumer research to assess the effectiveness of targeted support.

In its response, SPP acknowledged the potential benefits of targeted support but referred to many areas where proposals can be enhanced.

A noticeable proposal from the SPP is related to the language used.

SPP recommends using the term “better position” on “better results” to describe the target support goals.

The logical basis behind this preference is that a “better mode” reflects more accurately the intended purpose of support and more measurable.

In addition, these terms help distinguish new proposals from the current FCA language, which reduces the risk of confusion.

The response said: “In some areas, the current proposals will restrict the level of support that can be available to consumers, and therefore it can be harmful to consumers. For example, with regard to dismantling confusion and pensions.”

SPP also caused objections to the proposal to delete the unification of pension funds from specialized assistance.

“It is not clear to SPP. Why should the recommendation recommendation should be excluded inside or outside a specific product for the purpose of standardizing pensions from the target support.

“In each of the stages of accumulation and dismantling, monotheism may be an integral part of any proposal to achieve a better result, and it seems that the proposals to exclude the target support in relation to monotheism are not consistent with the broader policy goals to enhance integration and encourage members to search for a better value for money.”

To obtain targeted support such as direct marketing rules, SPP FCA urged, “… … make a clear distinction between the current approved companies that seek to add targeted support to their permission, and companies that seek to obtain a new permission to be able to provide targeted support.”