Andrew Prosser, head of investments at InvestEngine, said: “Giving consumers more insight into how those in similar situations approach their finances will allow investment firms to provide more support than they can currently offer.
“Crucially, with just 9 per cent of people currently receiving financial advice, it will help alleviate a longstanding issue for those who can’t afford full professional advice at present.
“It’s highly encouraging to see the FCA set out a clear timeline for the introduction of targeted support, along with its commitment to swiftly authorise firms that are ready to deliver it.
“This provides welcome clarity for both firms and consumers, while showing a real desire by the regulator to improve financial outcomes.
“By creating an environment in the UK where full and simplified advice, targeted support and guidance work together, we have a significant opportunity to close the advice gap, boost consumer confidence when it comes to financial decision-making and help millions more people invest as well as save for their long-term futures.”
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