Thu, 11 Dec 2025

Thu, 11 Dec 2025 Banks to tell you where you might put your money

Targeted support will allow banks and financial firms to make suggestions on how to handle savings.

* A new scheme allowing banks and financial firms to give investment advice based on what similar groups of people can do with their money is being introduced by the City regulator.
* This will start in April and allow firms to make recommendations, but it's not individually tailored advice which can only be given by a paid financial adviser.
* Around one in five people currently turn to family, friends or social media for help making financial decisions.
* The regulator hopes this new scheme will encourage more people to invest their money, with around seven million adults in the UK having £10,000 or more in cash savings that could be better spent through investing.
* Investing does come with risks, but targeted support aims to bridge a gap between general guidance and paid financial advice.
* Firms taking part will need to be authorised in advance and show their recommendations are suitable for each customer.
* Consumers will have the right to take disputes to an independent ombudsman.
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