Firms can now apply for permission to provide targeted support through the FCA’s new authorisation gateway, ahead of the new regime going live next month.
From 6 April banks, pension providers, or other financial firms that are authorised for targeted support, will be able to provide suggestions designed for groups of consumers with common characteristics.
The regulator said the change will help people make important decisions across their pensions and investments.
It said: “We want authorised firms to be ready to offer the new service as soon as the rules take effect. And, for these firms to take advantage of the reforms, to be bold and provide support for their customers.”
The FCA said targeted support will help fill the gap between generic guidance and individualised advice and help consumers access the support they need, at a cost they can afford, when they need it, so that they can make informed financial decisions.
It added: “The opening of the targeted support authorisations gateway marks an important milestone in our work to help consumers navigate their financial lives.”
At the end of last week the FCA’s board confirmed the near-final targeted support rules as final. It said its framework “covers the design, delivery and purpose of targeted support.”
It published near-final rules on 11 December 2025, “to give firms as long as possible to prepare.” On 26 February the FCA Board made the final rules.
Firms can begin applying for permission to provide targeted support from 2 March, before the new rules come into effect. The regime will go live from 6 April.
The FCA reckons around 23m consumers are currently underserved by the markets for advice and guidance. It said: “We’re addressing this ‘advice gap’ by creating a new form of support to help consumers: targeted support.”
It has predicted that over the next decade at least 18m people could be offered extra help with their investments and pensions with the introduction of targeted support.
It said under the regime consumers will receive recommendations, but they will not be based on a full, in-depth individual assessment. Firms will need to make sure the recommendations are suitable and should only be offered when it puts consumers in a better position, the FCA said.
Sarah Pritchard, deputy chief executive of the FCA, said: “Targeted support will be game changing. It means millions of people can get extra help to make better financial decisions.
“We also hope it will build greater confidence to invest. While investing will not be right for everyone, we know people in the UK invest less compared to the EU or US. People in the UK could be missing out on the potential benefits of investing in the medium to long term.”