The Financial Conduct Authority’s (FCA) targeted support has been heralded as a “game changer” but industry commentators have cautioned that the regulator and the Financial Ombudsman Service (FOS) must be fully aligned when it comes to the proposals.
Unveiled today (30 June), the FCA's targeted support findings flagged a mixed understanding from consumers when it comes to differentiating between individualised advice and targeted support. St James's Place director of public policy James Heal applauded the idea of targeted support but cautioned that for targeted support and simplified advice to be viable for firms to offer, it is "essential" that the FOS is fully aligned on the limitations and responsibilities of each. He said: "Targeted support is not a silver bullet. It must be part of a broader pipeline of support. This includes...
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