UK FCA publishes joint statements with FOS and ICO on new targeted support

The UK Financial Conduct Authority has published two joint statements with regulatory partners addressing areas where firms have sought clarity on delivering targeted support. The first statement, issued with the UK Financial Ombudsman Service, explains its approach to handling consumer complaints related to targeted support. The second, published with the Information Commissioner's Office (ICO), provides guidance on communicating with consumers within the framework of existing direct marketing rules. There are two areas on which firms have asked for clarity in respect of providing targeted support. While the FCA acknowledges calls for legislative reform in this area, it notes that such changes fall within the government's remit. In this context, the FCA has welcomed the announcement by HM Treasury which has confirmed plans to introduce secondary legislation enabling workplace pension providers to send targeted support communications to members who have not opted out of direct marketing.

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