The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

The removal of an amendment making pensions auto guidance compulsory under new legislation has been welcomed by a pension provider.

The Pensions Advisory Service and the Money Advice Service, both government-backed financial guidance bodies, have launched an ‘integrated’ webchat service.

The Chartered Insurance Institute and its PFS arm have voiced support for free, impartial public financial guidance in response to Treasury proposals - but say the new body must have a statutory duty to 'champion' the benefits of professional financial advice.