Vanguard launches targeted support service

Vanguard has launched its targeted support service, taking advantage of the new FCA regime that aims to bridge the advice gap.

The service, accessible through the UK Personal Investor platform, offers free guidance and investment recommendations.

“Confidence comes from understanding,” said Liz Waldron, Head of Client Experience and Digital. “Targeted support helps people take their first step into investing.”

The targeted support framework came into effect in the UK on 6 April, allowing authorised firms to give ready-made suggestions to groups of consumers with common characteristics.

According to research by Boring Money, there are 14.6 million UK adults losing out from the advice gap, encompassing people who could benefit from advice but are not taking it as well as savers who have at least £10,000 in savings and are willing to invest. Only around 9% of adults have paid for financial advice in the last two years.

L&G and Royal London are among the firms which have already launched targeted support solutions.