Joint statement by the FCA and Financial Ombudsman on targeted support

Targeted support is different to other forms of investment advice, and will provide suitable ready-made suggestions for consumers in particular situations and, where relevant, with particular characteristics.

We are committed to collaborating with the FCA and the broader industry as this initiative develops, ensuring we are aligned to the FCA’s rules and guidance.

James Dipple-Johnstone, Interim Chief Ombudsman said:

We have been working closely with the Financial Conduct Authority on their new rules for targeted support, helping ensure that firms have the clarity they need to provide clear suggestions for consumers’ finances.

Whilst most complaints will be handled directly by businesses without our involvement, those that come to our service will be considered with careful attention to the FCA’s guidelines, as required by the rules governing our work.

Through continued engagement with industry and close alignment with the FCA, we will deliver a consistent and proportionate dispute resolution approach to targeted support.”