New free financial advice plan aims to help Britons build savings
Summary
New rules in the UK allow some banks and financial firms to offer free help with investment and pension choices. This service, called "targeted support," suggests products that may give better returns, aiming to help people who are uncertain about investing make better financial decisions.Key Facts
- "Targeted support" lets certain banks and firms offer free advice on investments and pensions.
- The Financial Conduct Authority (FCA) approves companies before they can provide this service.
- Most advice will be free, and commission payments are banned.
- The advice is not personalized for each individual but is based on what is suitable for people in similar situations.
- Around 7 million adults in the UK have £10,000 or more in savings and could benefit from this service.
- Many people avoid investing because they don’t understand their options or feel unsure.
- Quilter and Royal London are among the first companies approved to offer targeted support.
- Some companies, like Barclays, plan to start offering this service, while others may not participate.
- The goal is to help customers feel more confident about investing and increase the culture of retail investment in the UK.
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