Commenting on today’s publication of the FCA’s final rules on targeted support, Jane Wilson, Targeted Support Lead, KPMG UK, says:
“This is a pivotal moment for the industry and consumers.
“If done well, targeted support can help the UK become a nation of investors, creating a healthier and wealthier society.
“Recent KPMG research around the reduction in cash ISA limits found that 87% of UK consumers would put any excess money into savings rather than into a stocks and shares ISA, even though that means paying more tax. We need a mindset shift towards investing and providing consumers with proactive, targeted financial support could be the key.
“Implementation will be technical for firms, the first step is to consider how targeted support can complement existing services. There will be many subsequent factors to consider, like customer segmentation and aligning with Consumer Duty. But this is a golden opportunity to make advice accessible and appropriate for a wider section of society.
“It’s now down to firms to work through the details and make it a success.”
