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.<\/p>\n
The firm has backed the idea of targeted support from the beginning, working with the Financial Conduct Authority on the policy.<\/p>\n
AJ Bell director of public policy Tom Selby previously said<\/a> moves such as targeted support are “critical” to building financial resilience in the UK.<\/p>\n 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.<\/p>\n A spokesperson from Barclays told PA: “Targeted support has the potential to play an important role in helping consumers make better financial decisions.<\/p>\n “Subject to all necessary approvals, we intend to launch an offering to help support our customers’ needs.”<\/p>\n At the beginning of the month, Professional Adviser revealed 13 firms<\/a> have applied for targeted support authorisation.<\/p>\n Since then, the FCA announced that, in total, 23 firms have applied for authorisation or are participating in our\u00a0pre-application support service (PASS). \u00a0<\/p>\n Seven firms have received regulatory approval to launch targeted support offerings. These include Royal London,\u00a0Vanguard<\/a>,\u00a0Quilter<\/a>,\u00a0Legal & General<\/a>,\u00a0Zopa Bank<\/a>, Monzo and\u00a0Aviva<\/a>.<\/p>\n