- The Financial Conduct Authority (FCA) has introduced 'targeted support' as a new service to help millions of people navigate their financial lives.
- This service offers suggestions tailored to groups of customers with similar goals or characteristics, differing from personalised financial advice and generic guidance.
- Currently, seven organisations, including Quilter, Zopa, Royal London, Monzo, Vanguard, Aviva, and Legal & General, have been approved to offer targeted support.
- Examples of services include guiding customers from excess cash savings into investments, recommending suitable investment funds, and assisting pension savers with their retirement planning.
- The main applications for targeted support are in investing, by simplifying initial decision-making, and in pensions, by helping individuals take appropriate risks for potentially higher retirement incomes.
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