FCA confirms Osborne's 'right to advice' pledge means guidance only

Carmen Reichman
clock

The Chancellor's 'right to advice' for pensioners at the point of retirement will be a right to 'free impartial guidance', not regulated advice, the Financial Conduct Authority (FCA) has confirmed.

Asked by the Treasury select committee whether it was clear to the FCA what George Osborne had been referring to in his Budget speech last month, when he guaranteed retirees the right to free advice, FCA director of policy, risk and research Christopher Woolard said he had definitely meant guidance. He said: "The word advice with a lower case a is used very commmonly in the financial services industry. "The thing we are working on is guidance. We are absolutely clear about that. We are not asked to put full independent financial advice in front of everybody." Asked by Labour MP Pat...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA sets out plans to simplify complaints regime

FCA sets out plans to simplify complaints regime

Including requirement for firms to report complaints involving vulnerable clients

Isabel Baxter
clock 04 December 2025 • 2 min read
FCA looks to boost transparency of ESG ratings providers

FCA looks to boost transparency of ESG ratings providers

Regulator opens consultation

Michael Nelson
clock 01 December 2025 • 2 min read
Regulators urged to hold pension transfer 'bad actors' to account

Regulators urged to hold pension transfer 'bad actors' to account

Advisers report ‘widespread and sometimes extreme delays’

Sahar Nazir
clock 24 November 2025 • 5 min read