No solution is perfect, but a pragmatic halfway house with new foundational advice to suit the masses but retaining full regulated advice for the top decile could lead to better use of tech and more innovation.
There are dangers, so the FCA and regulators would need to work twice as hard to ensure an orderly and fair market. Otherwise, any relaxation could just be an excuse to push more product, and everyone could be worse off.
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Change must come soon before today’s steady stream of retirees without final salary pensions becomes a raging torrent. The right decision today could benefit everyone’s financial futures. Regulators: the ball is in your court.
Stephanie Hawthorne is a freelance journalist
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