Commenting on the FCA’s latest consultation on simplifying the pensions and investment advice rules (CP26/10), Ben Goss, CEO of Dynamic Planner says that they look forward to engaging with the consultation and to working with their customers and the industry to make the most of this opportunity.
Dynamic Planner’s purpose is to unlock trusted advice and to work with our customers to close the advice gap. For too long, regulation while offering necessary consumer protections has also been a handbrake on the industry’s ability to get advice to more of those who need it.
Firms that want to serve clients with simpler needs – a first pension contribution, a lump sum ISA investment or a simple at-retirement choice, have had no option other than the heavyweight suitability processes designed for full holistic advice.
The simplifications proposed in this consultation, in combination with digital and AI technologies, potentially mean millions more people who would otherwise have found it too costly or time consuming to access advice will be able to do so, and that firms can deliver this advice profitably and safely.
They should also mean advice firms seeking to future-proof their businesses by opening the doors to the next generation can do so and make the economics work.
With its work on the advice-guidance boundary, including Targeted Support, the FCA has demonstrated real commitment to addressing the challenges posed by the advice gap.
The proposals in the simplified advice consultation are a meaningful further step.
Dynamic Planner has supported this progress throughout and has engaged on the wider discussion of how to make advice more accessible, proportionate and sustainable.
By putting proportionality at the heart of the suitability framework, clarifying what “sufficient” information looks like and allowing for more flexible ongoing service models, the FCA appears intent on giving firms the confidence to design new advice propositions that reflect a much broader continuum of client needs.
That would be great news for both consumers and advice firms alike.
At Dynamic Planner, we believe proportionate, evidence-based and outcomes-focused suitability is the foundation of a healthy advice market.
We are committed to evolving our AI-powered advice platform in line with the evolving regulatory framework, so that whether firms are providing targeted support, limited-scope advice or full financial planning, they’re equipped to deliver it consistently, efficiently and with confidence that they are able to demonstrate their value.
We look forward to engaging with the consultation and to working with our customers and the industry to make the most of this opportunity.
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