Legal & General Just Got FCA Approval To Nudge Pension Savers Out Of Cash
Legal & General Group Plc can now offer “targeted support” after getting the green light from the Financial Conduct Authority, clearing the way for the UK financial services group to issue more tailored messages to members of defined contribution workplace pensions. The first wave will focus on savers holding all their retirement savings in cash. The timing is important here: the FCA’s targeted support regime kicked in on April 6, creating a middle layer between one-size-fits-all guidance and comprehensive financial advice. Under this approach, firms are allowed to offer ready-made suggestions to groups of customers who share similar characteristics, stopping short of giving a bespoke recommendation to each individual. According to the regulator, around 23 million consumers aren’t getting what
