PA understands AJ Bell has engaged with the Financial Conduct Authority but has not applied for regulatory approval yet. AJ Bell confirmed it expects to roll out a service later this year.
The firm has backed the idea of targeted support from the beginning, working with the Financial Conduct Authority on the policy.
AJ Bell director of public policy Tom Selby previously said moves such as targeted support are “critical” to building financial resilience in the UK.
Meanwhile, Barclays has been added to the list of banks who are entering back into the wealth space and is looking to roll out a targeted support service.
A spokesperson from Barclays told PA: “Targeted support has the potential to play an important role in helping consumers make better financial decisions.
“Subject to all necessary approvals, we intend to launch an offering to help support our customers’ needs.”
At the beginning of the month, Professional Adviser revealed 13 firms have applied for targeted support authorisation.
Since then, the FCA announced that, in total, 23 firms have applied for authorisation or are participating in our pre-application support service (PASS).
Seven firms have received regulatory approval to launch targeted support offerings. These include Royal London, Vanguard, Quilter, Legal & General, Zopa Bank, Monzo and Aviva.
The FCA initially estimated that around 96 firms will go on to offer targeted support.
Sicsic Advisory consumer investments practice lead Clive Gordon previously shared that he believes firms are falling into one of four categories.
These are “those that want to be early adopters of the new regime and have either been authorised or are on the cusp of being authorised; those planning to develop a targeted support proposition but have yet to decide when; those that are waiting to see how the market develops before deciding; and those with no wish to have a targeted support distribution channel.”
See more: FCA reveals 13 firms applied for targeted support authorisation