FCA: Guidance should help people ask questions, not give answers

Carmen Reichman
clock

The Financial Conduct Authority (FCA) expects the guidance guarantee to "help people understand the questions they should be asking", not offer choices for them, director of policy David Geale has told MPs.

At a grilling by the House of Commons ad hoc pension schemes bill committee, Geale said he does not want the process to point to any specific products. Geale was asked whether he expects the government's guidance guarantee to include signposting to the cheapest options for the clients.  "What I would expect the guidance guarantee [to do is] to help people to understand the things they should be looking at - to encourage them to shop around - not advise them on the specific products," he said. The guidance guarantee was introduced by the chancellor as an impartial free service for a...

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

'It's just not good enough' – service continues to frustrate advisers

'It's just not good enough' – service continues to frustrate advisers

Regulation ‘not biting the real day to day grind’

Jen Frost
clock 10 December 2024 • 3 min read
Consumers invited to debate on the idea of targeted support

Consumers invited to debate on the idea of targeted support

Phoenix Insights forms panel to meet in early 2025

Isabel Baxter
clock 10 December 2024 • 2 min read
FCA: 'We will never operate a zero-failure regulatory regime'

FCA: 'We will never operate a zero-failure regulatory regime'

Regulator responds to chancellor Rachel Reeves

Isabel Baxter
clock 10 December 2024 • 2 min read