A coalition of major financial institutions, including PWC, NatWest, Barclays, Standard Life, and Lloyds Banking Group, have launched a UK-wide innovation challenge to explore how tech can improve consumer access to financial support at the advice-guidance edge.

In partnership with FinTech Scotland’s Financial Regulation Innovation Lab (FRIL), and in collaboration with SuperTech WM, the initiative invites fintech innovators to help design smart solutions that empower consumers to make clearer, more confident financial decisions.

The challenge follows the FCA’s efforts in closing the advice gap, with the regulator’s Advice-Guidance Boundary Review (AGBR) being central to its 2025–2030 strategy. 

At its core, the review responds to a growing concern that many consumers are missing out on vital financial support, and looks to explore how firms can better navigate the line between regulated advice and general guidance.

In response, the FRIL innovation call, which also counts M&G, Dudley Building Society, and BNP Paribas Personal Finance among the firms taking part, aims to make financial support more personal, inclusive, and accessible, helping firms better serve diverse client needs while staying compliant and protecting consumers.

Developed in collaboration with regulators, academics, and industry partners, the programme will test how digital tools, data-driven models, and new approaches to consumer engagement can help firms grow their client bases and align with the FCA’s expectations.

The challenge is focused on practical, scalable solutions that will allow consumers to make better-informed financial choices, whether through targeted support that stops short of regulated advice or through models of simplified advice that are easier to deliver and understand. 

The scheme aims to explore practical use cases such as AI-powered targeted support, user-friendly customer disclosures, and tools to boost financial literacy and trust. It will also look at compliance tech for monitoring the advice boundary, automated planning and modelling, and data aggregation through Open Finance.

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Successful applicants will collaborate with leading financial institutions, tap into academic expertise from the Universities of Strathclyde and Glasgow, and may be eligible for up to £50,000 in grant funding to fast-track their solutions.  The programme wraps with a showcase event in Glasgow, where fintechs will present to industry, regulatory, and academic leaders.

“This challenge is a milestone in the journey towards a more inclusive financial services sector,” said Nicola Anderson, CEO of FinTech Scotland.

“By bringing together fintech innovators, regulators, and industry leaders, we can design practical solutions that empower consumers to make informed decisions while ensuring firms navigate the advice boundary responsibly.”