The Financial Conduct Authority has introduced a new "targeted support" regime allowing approved banks and financial services firms to proactively contact customers with tailored suggestions about investing, savings and pensions. Unlike full financial advice, which is personalised and fee-based, targeted support offers free, standardised recommendations aimed at groups of customers who share similar goals or characteristics, sitting between generic financial guidance and paid-for advice. The FCA has described the change as a "once-in-a-generation" shift intended to help millions of people make better decisions about their money.

So far seven firms have been approved to offer the service, with six more applications pending. Zopa was the first bank approved, targeting customers holding excess cash savings and directing them, via app-based questions, towards a stocks and shares ISA or general investment account with one of two ready-made funds. Quilter, Royal London, Monzo, Vanguard and Aviva are also rolling out similar app-based questionnaires that match customers to suitable accounts, investment styles or funds, with Vanguard focusing on building confidence among first-time investors and Aviva launching a pension-focused service this summer.