Royal London has received regulatory approval to deliver Targeted Support, the new form of regulated financial help being introduced by the Financial Conduct Authority (FCA).

Having been involved from the outset via an industry working group, and engagement with the both the Government and the FCA, Royal London is now one of the first businesses to receive regulatory permissions to launch.

Targeted Support has been designed to complement rather than replace fully individualised financial advice. The FCA has described it as a “once in a generation change” that will help millions of people navigate their financial lives.

Royal London modelling has estimated that 21.5 million people in the UK could benefit from Targeted Support, highlighting the scale of unmet need.

CEO of Advice at Royal London, Ben Hampton, 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 take 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.”

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