UK money app Plum, founded by Victor Trokoudes, has been authorised by the FCA to offer Targeted Support through its subsidiary Saveable Limited. This new regime allows ready-made savings and investment suggestions for groups of consumers with shared characteristics, without amounting to fully personalised advice. The first use will target customers holding large cash balances and will roll out in the coming weeks through the app's AI assistant, already used by more than 270,000 customers. The company says it is also seeking a licence for fully personalised advice.
What it means: The UK Targeted Support regime was created to fill the gap between general information and costly personalised advice that few consumers pay for. Plum is one of the first fintechs to use it, and through AI at that, which will show in practice whether automated suggestions can be useful while meeting consumer-protection rules. In Greece and the rest of the EU there is no equivalent middle regime: giving investment advice needs a MiFID II licence, and the AI Act treats some financial uses as high-risk. The European strategy for a savings and investments union is discussing ways to move savers from deposits into investments, and the UK experience will be a reference point. For Greek fintechs and banks designing AI assistants for money matters, the key is to separate information from advice clearly and to log how answers are produced. Users, for their part, should know that such suggestions are general for groups of people and do not take their whole personal situation into account, such as debts or liquidity needs.
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