HM Treasury announced it will publish proposed draft legislation to support the future implementation of a new “targeted support” regime aimed at helping people invest with more confidence and make more informed decisions about their pensions. In parallel, the Financial Conduct Authority (FCA) has published draft rules for targeted support to enable firms to do more to support consumers with investing and managing their pensions. Under the proposed approach, targeted support would allow authorised firms to provide suggestions that are appropriate for consumers with similar circumstances and characteristics. The government and the FCA are also reviewing the regulatory boundary between financial advice and guidance to improve access to timely and affordable help with financial decision-making, with targeted support forming part of the government’s workplace pension roadmap and expected to be complemented by other measures addressing challenges faced by pensions savers. A policy note setting out proposed changes to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, alongside a draft statutory instrument, is due to be published with the Chancellor’s Mansion House speech on 15 July, with the feedback process for the draft statutory instrument to be confirmed then. The FCA’s consultation on its draft targeted support rules is open until 29 August 2025.
HM Treasury 2025-06-30
HM Treasury to publish draft legislation enabling the FCA targeted support regime for pensions and investments
HM Treasury will publish draft legislation for a new "targeted support" regime to enhance consumer confidence and decision-making in pensions. Concurrently, the Financial Conduct Authority (FCA) released draft rules to enable firms to better support consumers in investing and managing pensions. The initiative includes reviewing the regulatory boundary between financial advice and guidance as part of the government's workplace pension roadmap.