Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach

Why the FCA’s New Approach Still Leaves Millions Without Real Help
The Financial Conduct Authority has introduced new “targeted support” regulations, promising to help millions of UK savers make better retirement decisions. While this represents progress, the reality is that most pre-retirees still face a critical gap between basic information and expensive regulated advice.
The stark truth? These new rules, while well-intentioned, don’t solve the fundamental problem: 76% of people over 45 still have no clear retirement plan, and only 1 in 10 can access regulated financial advice.
What FCA “Targeted Support” Actually Means for You
Under the new regulations, financial firms can now offer more specific suggestions to groups of customers, rather than just providing generic information. For example:
Before: “You might be under-saving for retirement” (basic warning) Now: “Consider increasing your pension contribution to 8%” (specific suggestion)
Before: “There are cheaper fund options available” (general information)
Now: “Switch to Fund X for lower charges” (targeted recommendation)
Before: “Your drawdown rate may be unsustainable” (vague warning) Now: “Reduce your withdrawal to 3.5% annually” (specific guidance)
The Problem: It’s Still Not Personal Advice (nor even Personal Guidance)
Here’s the crucial limitation that industry experts acknowledge but many savers don’t understand: targeted support is NOT personal advice. The responsibility for decisions still sits entirely with you.
As one industry director explained: “It is crucial consumers understand this distinction, as well as the nature of the decision they are making.”
Why Millions Are Still Turning to Dangerous Alternatives
Recent research reveals that 40% of UK investors now use social media for financial decisions, with growing numbers consulting:
- Financial influencers on TikTok and YouTube
- AI tools like ChatGPT for investment choices
- Internet searches for retirement planning
The risk? Making life-changing financial decisions based on generic online content that may not apply to your specific situation.
The Real Advice Gap: It’s Not Just About Money
Industry experts describe the advice gap as looking “insurmountable” for years. Here’s why:
The Numbers Don’t Add Up:
- Average regulated advice cost: £2,000-£5,000 for comprehensive retirement planning
- Average adviser minimum: £100,000+ in investable assets
- Typical hourly rate: £150-£300 per hour
The Reality for Most UK Savers:
- Pension pots between £50,000-£200,000
- 10-20 years from retirement
- Need guidance, not just information
- Can’t justify £3,000+ advice fees
Where Retirement Coaching Fits: The Missing Middle Ground
While the FCA’s targeted support helps, it doesn’t replace the need for personalised guidance tailored to your specific circumstances. This is where professional retirement coaching becomes invaluable.
What Retirement Coaching Provides That “Targeted Support” Cannot:
✅ Personal Situation Analysis
Unlike generic suggestions, coaching explores your unique circumstances, goals, and concerns.
✅ Education-Focused Approach
Learn why certain strategies work, not just what to do.
✅ Behavioral Support
Address the psychological barriers that prevent good financial decisions.
✅ Action Planning
Create specific, achievable steps toward your retirement goals.
✅ Ongoing Accountability
Regular check-ins to keep you on track and adjust as needed.
The Smart Strategy: Coaching First, Advice When Ready
Industry experts acknowledge that targeted support must be “part of a broader pipeline of support.” Here’s the logical progression:
1. Professional Retirement Coaching (£100-200 per session)
- Understand your options and goals
- Develop financial confidence
- Create clear action plans
- Prepare for eventual regulated advice
2. Targeted Support from Providers (Free)
- Receive specific suggestions from pension companies
- Implement basic optimization strategies
3. Regulated Financial Advice (£2,000+)
- Comprehensive planning when your pot reaches advice thresholds
- Product recommendations and implementation
Real Client Success: The Coaching Advantage
Consider Sarah, a 52-year-old teacher with £85,000 across three pension schemes:
Traditional advice firms: Declined to help (below minimum thresholds) Targeted support: Generic suggestions about contribution rates Retirement coaching outcome:
- Consolidated pensions, saving £800 annually in fees
- Increased contributions by 2%, adding £80,000 to projected retirement fund
- Developed clear 15-year plan for reaching advice thresholds
- Built confidence to make informed pension decisions
Total coaching investment: £450 over three sessions Financial impact: Hundreds of thousands in improved retirement outcomes
Why Most People Need More Than “Targeted Support”
The FCA’s new rules represent progress, but they don’t address the core challenges facing UK savers:
Complex Individual Circumstances
- Multiple pension schemes
- Varying risk tolerances
- Different retirement timing goals
- Family financial responsibilities
Behavioral Barriers
- Analysis paralysis when facing complex decisions
- Procrastination about retirement planning
- Lack of confidence in financial knowledge
- Fear of making costly mistakes
Strategic Planning Needs
- Tax-efficient withdrawal strategies
- Pension consolidation decisions
- Balancing competing financial priorities
- Preparing for life transitions
The Coaching Alternative: Education, Not Sales
Unlike regulated advice, retirement coaching focuses on empowering you to make informed decisions rather than selling specific products or investments.
Key Differences:
Regulated Advice:
- Product recommendations
- Implementation services
- Ongoing portfolio management
- Higher costs and minimum asset requirements
Retirement Coaching:
- Education and guidance
- Decision-making frameworks
- Confidence building
- Accessible pricing for all asset levels
Is Retirement Coaching Right for You?
Consider professional retirement coaching if you:
- Have pension assets between £30,000-£300,000
- Are 10-20 years from retirement
- Feel overwhelmed by pension options
- Want to understand your choices before committing to expensive advice
- Need confidence to make important financial decisions
- Wish to optimize your current position before seeking regulated advice
Take Action: Your Free Initial No Obligation Discovery Call
The FCA’s targeted support initiative highlights a crucial truth: millions of UK savers need more than basic information but less than full financial advice.
Professional retirement coaching bridges this gap, providing the personalized guidance and education you need to make confident decisions about your financial future.
Ready to explore whether retirement coaching is right for you?
Book your complimentary 15-minute discovery call to discuss:
- Your current retirement planning challenges
- Whether coaching or direct advice is most appropriate for your situation
- How our structured approach can build your financial confidence
- Next steps toward a secure retirement
No cost, no obligation – just clarity about your best path forward.
👉 Book Your Free Initial 15 Minute Consultation Now
Let’s find out if you’re truly ready—and help you get there.
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. As a retirement transition coach, I’m committed to empowering investors with knowledge, perspective, and strategic support.
👉 Book Your Free Consultation Now
Let’s find out if you’re truly ready—and help you get there.
Important Final Disclaimer:
This article is for educational purposes only. The author is not a regulated financial adviser and this content does not constitute financial advice. For specific financial advice or product recommendations, consult with a suitably qualified and FCA-regulated financial adviser.
