Gateway opens for firms to offer targeted financial support
The Financial Conduct Authority has opened its authorisation gateway for firms to offer targeted financial support. From April 6, 2026, authorised firms can provide group-based suggestions to help consumers with pensions and investments.
Bridging the advice gap for millions
Targeted support is designed to assist millions of consumers in navigating their financial lives.
Effective April 6, 2026, financial firms authorised for this service can offer group-based suggestions to consumers with shared characteristics, aiding decisions on pensions and investments.
This initiative addresses a significant market gap, as an estimated 23 million consumers currently lack adequate support for crucial financial choices.
The new service aims to provide accessible and affordable assistance, bridging the divide between generic guidance and personalised advice, thereby enabling informed financial decisions.
The FCA encourages firms to leverage these reforms and proactively offer support to their customers, ensuring they are ready to implement the new service as soon as the rules take effect.
Streamlining the application process
To facilitate a smooth transition, the Financial Conduct Authority (FCA) introduced its Pre-Application Support Service (PASS) last year.
This service helps firms understand the requirements for submitting high-quality applications for the new targeted support regulated activity.
The FCA has actively engaged with various firms to clarify expectations and encourages continued dialogue through PASS for any questions regarding the authorisation process.
Firms can submit their PASS forms and final applications for targeted support permissions directly via the FCA's Connect platform.
This proactive engagement aims to ensure firms are well-prepared to offer the new service promptly.
A crucial step for consumer access
This initiative represents a vital advancement in consumer financial protection, directly addressing a long-standing gap in accessible financial guidance.
While implementation challenges for firms remain, the framework's potential to empower millions of underserved individuals is substantial.
Its success hinges on broad industry adoption and effective communication to reach those most in need.