PLSA response: advice guidance boundary review – proposals for closing the advice gap

It is well understood that many consumers are not seeking or receiving useful – and often straightforward – financial support that could benefit them. The FCA’s Advice Guidance Boundary Review (AGBR) is a welcome opportunity to address this “advice gap,” so that firms can feel confident in providing support to consumers and, ultimately, help them achieve better financial outcomes.

The PLSA has previously called for greater clarity on the advice/guidance boundary to help pension schemes and employers have more confidence – both when giving guidance and in working with financial advisers. This includes in our response to the DWP's July 2021 consultation and in our resource for employers, which has background information and case studies on what is currently possible within the boundary. 

Our response to this consultation focuses on support for pensions and retirement decision-making, rather than general investment products, and covers considerations from our members who are both FCA regulated and those who are not, including trustees of occupational pension schemes.