By bizn_fun 
Investing money is not an option for millions of people. The regulator said that one in 10 people had no cash savings, and another 21% had less than £1,000 to draw on in an emergency.
However, FCA data suggested about seven million adults in the UK with £10,000 or more in cash savings could receive better returns through investing.
Investing does come with some risk as the value of an investment can go down as well as up, but the spending power of cash savings can be eroded by rising prices.
The regulator said that many consumers who were in a position to invest but chose not to did so because they were unsure of their options, felt overwhelmed, or needed more support. Only 9% of people surveyed received regulated advice on their pensions and investments in the 12 months to May 2024.
Targeted support aims to bridge a gap between general guidance and information, and financial advisers who charge a fee.
For example, banks could explain how a large pot of cash savings could be invested, or how investments could be spread out to reduce risk.
“The FCA’s new rules mark a significant step towards closing the advice gap and will empower millions,” said Yvonne Braun, director of policy at the Association of British Insurers.