The UK wealth industry is preparing for a fundamental shift. With the launch of the Financial Conduct Authority’s Targeted Support regime, firms will soon be able to provide guided, non-advised financial prompts – designed to help consumers make better decisions about their pensions, ISAs, and long-term savings.
Announced as part of the July 15 Mansion House reforms, this initiative aims to close the UK’s financial advice gap and activate over £430 billion in dormant cash savings. It’s a major opportunity for firms to engage more customers without breaching regulated advice boundaries.
What Is Targeted Support?
Targeted Support will allow regulated firms to deliver tailored nudges or suggestions to groups of customers with similar profiles without offering full financial advice.
Examples include:
- Recommending a SIPP to mid-life savers
- Encouraging ISA top-ups before year-end
- Prompting pension consolidation near retirement
This applies to banks, wealth managers, insurers, platforms, and SIPP providers. Around 96 firms are expected to adopt the framework in its early stages, with average customer investable wealth estimated at £37,000.
Critically, this support must remain compliant, auditable, and demonstrably aligned with the FCA’s new Consumer Duty requirements.
Why Now?
The Targeted Support regime is part of a broader push to modernise UK financial services. Alongside:
- ISA rule simplification
- Faster FCA/PRA certification for senior roles
- Digital shareholding and investor engagement reforms
It signals a coordinated effort by the government and regulators to make the UK a global wealth management hub, while empowering more individuals to invest with confidence.
Consultation on the framework closes August 29, 2025, with full rollout expected in early to mid‑2026.
How Legado Enables Scalable, Compliant Targeted Support
Legado gives wealth firms the infrastructure to support Targeted Support at scale – with secure delivery, full audit trails, and built-in compliance controls that align with FCA expectations.
Here’s how Legado supports you:
- Delivering Secure, Auditable Communications
- Send personalised updates to defined customer cohorts
- Track opens, clicks, and delivery in real-time for compliance evidence
- Maintain full audit trails to support Consumer Duty reporting
- Consent & Document Management
- Store sensitive documents (e.g. disclosures, preferences, signed forms) securely in the Digital Vault
- Capture view logs and version histories for each record
- Use granular access controls and automated retention policies to stay audit-ready
- Seamless Integration
- Connect with your existing CRM, platform or workflow tools via API
- Auto-pull cohort data and push back customer interactions
- Ensure a unified, reportable record of all activity
Real-World Example
| Customer Type | What Legado Enables |
|---|---|
| 45-year-old with £40k in savings | Send tailored ISA/SIPP prompt with trackable engagement |
| Customer nearing retirement | Guide through a compliant pension consolidation journey |
| LISA-eligible saver | Send time-sensitive reminders before tax-year-end with read receipts |
Final Thought: A Strategic Opportunity
Targeted Support is not just a regulatory change; it’s a chance to transform how firms engage retail investors. By adopting Legado, firms can move fast, stay compliant, and unlock new value from dormant assets – without the cost or risk of building bespoke tools.
Ready to lead on Targeted Support? Let’s talk.