Wealth manager Quilter has received permission from the FCA to offer Targeted Support to consumers just days after it was launched by the regulator.
Quilter has become one of the first big firms to sign up for the new Targeted Support regime following mutual Royal London which announced its plans on Tuesday.
Quilter said it is developing its Targeted Support offering through its Quilter Invest platform.
It said the platform is designed to support clients in the earlier stages of their investment journey and it also provides advisers with a proposition for clients who may not be ready for holistic financial advice.
Steven Levin, chief executive at Quilter, said: “Targeted Support has the potential to shift the dial for consumers who sit outside the reach of full advice. We are pleased to have received the necessary permissions to offer this service, and now look forward to developing our offering to ensure people are not left to face important financial decisions on their own.”
The FCA has introduced targeted to support to help millions more receive limited financial guidance and ‘nudges’ to make the most of their finances and avoid leaving savings and pensions neglected.
It will be offered to groups with ‘common characteristics’ to encourage more consumers to invest and plan their finances. The FCA claims it could benefit at least 18m over the next decade.
Mr Levin said: “Deciding whether and how to invest can be a daunting experience for people, leading to a dangerous inertia. We want to offer a simple and accessible way to get started, either on your own or through an adviser, empowering people to take action and move forward with greater confidence.”
He said Quilter sees Targeted Support as “a crucial bridge to financial advice as customers’ needs evolve over time. Having that flexibility to enable that transition ensures we can support them through every stage of their financial lives.”