Overview
- Authorised banks, platforms and pension providers will be able to make product recommendations to customer segments without conducting full individual assessments.
- Firms are expected to apply for permission from March 2026 with a provisional go‑live in April 2026, subject to Parliament passing enabling legislation and FCA authorisations.
- Safeguards require recommendations to be suitable and offered only when they leave customers better off, with vulnerability checks, clear disclosures and formal FCA approval.
- The framework bans commission and the FCA expects most providers to offer the help free, while excluding pension consolidation, specific annuity selections and high‑risk non‑mass‑market investments; firms may refer consumers to whole‑of‑market annuity brokers.
- The FCA estimates up to 18 million people could benefit over a decade, notes around 7 million hold £10,000 or more in cash, and has launched a firm‑checker tool after about 800,000 people reported losses to investment or pension scams in the year to May 2024.