Regulated advice where a specific recommendation is made based on someone’s personal circumstances and broad financial situation will, of course, remain the gold standard. 

But for those who do not receive advice, the FCA faces a choice: enable others in the sector, including providers, to provide a bit more help so more people make good decisions (or avoid bad decisions), or risk increasing numbers of people turning to the Wild West of internet chat rooms and social media.

Tom Selby is head of retirement policy at AJ Bell