Royal London has become one of the first providers to receive regulatory approval to deliver targeted support.
Targeted support allows firms to provide tailored, non-individualised suggestions to groups with similar financial characteristics, aiming to bridge the gap between generic guidance and full advice.
Royal London modelling shows that 21.5 million people in the UK could benefit from targeted support.
Involved from the outset via the industry working group, government engagement and the Financial Conduct Authority’s policy sprint, Royal London has played a leading role in shaping and delivering targeted support.
Ben Hampton, CEO of advice at Royal London, said: “From the start, we’ve worked closely with the FCA to help design a framework that allows innovation to flourish while maintaining strong consumer protections, empowering millions of people to make better financial decisions.
“Our investment in technology and digital capability means we will deliver targeted support in a way that is scalable, responsive and rooted in good customer outcomes.
“The regime creates a sliding scale of help, allowing people to access different levels of support depending on their needs, and at moments that really matter.”
The mutual said it will share further detail on the scope of its targeted support offering in due course.
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