FCA opens authorisation gateway for targeted support

Firms can now apply for permission to provide targeted support through the FCA's new authorisation gateway.

From 6th April 2026, banks, pension providers, and other financial firms that are authorised for targeted support can provide suggestions designed for groups of consumers with common characteristics, helping them make decisions across their pensions and investments.

Targeted support aims to close the advice gap. The FCA says consumers currently "don’t have access to the help they need to make these important decisions", estimating that around 23 million consumers are currently underserved for advice and guidance.

The regulator believes targeted support will help fill the gap between generic guidance and individualised advice and "help consumers access the support they need, at a cost they can afford, when they need it, so that they can make informed financial decisions".

The FCA launched its pre-application support service (PASS) for targeted support last year and has engaged with a range of firms so that they understand what is expected for a good quality and complete application for the targeted support regulated activity.

Firms with questions about the authorisations process can engage with the FCA through the PASS and can submit a PASS form via Connect.

Tom Shields, senior policy adviser for long-term savings policy at the ABI, commented: "The opening of the targeted support gateway marks a significant step toward giving savers accessible, timely and, crucially, free help as they navigate complex financial decisions. Reaching this stage reflects considerable effort and collaboration from government, regulators and industry to design a framework that can provide meaningful support while maintaining appropriate consumer protections.

“As we draw closer to targeted support becoming a reality, a number of important issues need to be resolved to help it reach its full potential. The interaction of targeted support with marketing rules must be fully thought through so that firms can proactively communicate support to their customers without fear of inadvertently breaching financial promotion rules. The FCA also needs to provide clear examples of good practice so firms have the confidence to innovate and deliver support effectively. And trustees require further guidance on providing targeted support-style services to ensure consistency for savers across contract-based and trust-based schemes to avoid confusion at a critical moment in closing the advice gap."