Barclays gains Targeted Support approval

Barclays has been authorised by the Financial Conduct Authority (FCA) to offer Targeted Support, enabling the bank to offer more help to eligible customers as they begin investing.

The approval comes as the bank’s analysis shows the UK’s investment gap grew by more than 30% between 2022 and 2024, with approximately 15 million UK adults holding £610bn of possible investments in cash.

The estimate is based on savers who already hold more than six months’ income in cash savings and highlights the opportunity to help more people invest for the long-term.

Barclays said the approval marks an important step in its ambition to help close the UK’s investment gap by giving more customers the support and confidence to make informed investment decisions.

It builds on recent measures that it introduced to encourage greater participation in investing, including the launch of Planning and Advice and the removal of investment fees for Direct Investing customers.

The bank will introduce Targeted Support through a carefully controlled rollout, initially focused on helping new investors get started.

The phased approach is designed to ensure it continues to deliver positive customer outcomes while refining and enhancing the experience over time.

Barclays’ head of private bank and wealth management UK and crown dependencies, Mohammad Syed, stated: "Many people recognise the importance of investing for their future but are often unsure about what action to take next. With around £610bn currently sitting in cash savings that could potentially be invested over the long term, there is a significant opportunity to help people make more informed decisions about their financial futures. Targeted Support has the potential to help bridge that gap by providing customers with more relevant support at key moments in their journey.

"This, alongside the changes we made to Direct Investing earlier this year, shows how we are taking a deliberate and responsible approach to implementation. Our focus is on helping customers make informed decisions, improving financial confidence and ensuring good outcomes over the long term."

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