Targeted Support Partnership Programme
The FCA’s CP25/17 consultation sets out a clear vision for targeted support: firms must deliver ready-made suggestions to clients in common situations, underpinned by robust segmentation, clear communications, and ongoing evidence of consumer understanding and good outcomes. With 8 years of consumer research, market data and providing the “Voice of the Customer” to the industry, Boring Money Business is uniquely positioned to help you meet—and evidence—these requirements at every stage.
How we are helping clients with Targeted Support
Our extensive support of firms through Assessment of Value and Consumer Duty has enabled us to develop robust research, implementation and validation frameworks to support good regulatory outcomes and customer centric servicing.
Our Targeted Support Partnership Framework helps firms navigate the full journey to authorisation, covering every stage of consumer engagement, from guidance through to regulated advice.
At the heart of the conversation
We were joined by Nike Trost, Head of Department – Asset Management and Pensions Policy for the Financial Conduct Authority, at our fourth annual conference, Boring Money 2025 - Change and Growth. This article is a summary of the speech given by Ms Trost, along with her responses to CEO Holly Mackay’s questions.
We can support your Targeted Support journey with:
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Data and insights
Supporting journey selection and prioritisation; supporting cohort definition; reinforcing behavioural and attitudinal insights and data; sense-checking inclusive and exclusive characteristics
Drafting and/or testing disclosures
Helping clients to articulate the service (what it is and what it isn’t) in a broader continuum of support and advice; testing consumer understanding of this; supporting clients to understand where to insert in journeys
General advisory support
We are aiding firms with a broad number of issues with cohorts, journey design, measuring good outcomes and more
Consumer engagement
Boring Money has an excellent track record in creating engaging consumer journeys – we can support marketing teams with cohort-specific campaigns and content, as well as take-to-market plans
Consumer testing
We are testing journeys on an iterative process and through the build
Supporting authorisation
Partnering with clients to provide an independent evidence base in the authorisations process
Helping you deliver against FCA Requirements
1. Supporting customer understanding (PRIN 2A.5.3R, COBS 9B.6.5R)
What the FCA requires: Firms must ensure communications meet customers’ information needs, helping them to make effective, timely, and properly informed decisions. Disclosures must be tested and tailored to the characteristics of the intended audience—including specialist criteria such as the needs of vulnerable customers and considerations for product complexity.
How we deliver:
We design and test disclosures with real consumers, using both qualitative and quantitative research to evidence understanding and clarity.
Our iterative consumer testing process ensures that communications are accessible, jargon-free, and resonate with diverse segments—including vulnerable customers and more.
We provide independent evidence and feedback to support your regulatory submissions and demonstrate approaches to compliant consumer outcomes.
1. Supporting customer understanding (PRIN 2A.5.3R, COBS 9B.6.5R)
What the FCA requires: Firms must ensure communications meet customers’ information needs, helping them to make effective, timely, and properly informed decisions. Disclosures must be tested and tailored to the characteristics of the intended audience—including specialist criteria such as the needs of vulnerable customers and considerations for product complexity.
How we deliver:
We design and test disclosures with real consumers, using both qualitative and quantitative research to evidence understanding and clarity.
Our iterative consumer testing process ensures that communications are accessible, jargon-free, and resonate with diverse segments—including vulnerable customers and more.
We provide independent evidence and feedback to support your regulatory submissions and demonstrate approaches to compliant consumer outcomes.
2. Cohort Definition and Segmentation
What the FCA requires: Firms must pre-define consumer segments and situations, using data to identify who will benefit from targeted support and to evidence a clear end-to-end journey.
How we deliver:
We can support your definitions of cohorts using demographic, behavioural, and attitudinal data—sense-checking inclusion and exclusion criteria and validating and refining your segmentation approach.
Our data and insight packs, informed by our proprietary research panel, help you evidence your segmentation to the FCA and ensure your support is targeted and effective
3. Journey mapping and service design
What the FCA requires: Firms must evidence a clear, tested customer journey for targeted support, and show that it delivers favourable consumer outcomes.
How we deliver:
We map customer journeys, identify pain points, and use consumer feedback to refine service design.
Our strategic workshops and journey testing ensure your targeted support model is robust, consumer-centric, and ready for regulatory scrutiny.
We provide clarity and evidenced input to support journey build, early prototypes, and go-to-market plans
4. Ongoing testing and monitoring
What the FCA requires: Firms must have plans for ongoing checking to ensure their targeted support model continues to operate as intended, and must monitor outcomes for continuous improvement.
How we deliver:
We offer post-launch consumer feedback, monitoring, and iterative testing to ensure your targeted support continues to deliver good outcomes.
Our evidence framework helps you demonstrate ongoing compliance and adapt to evolving regulatory expectations
The FCA’s Nike Trost shared the regulator’s latest thinking on Targeted Support, advice guidance, and improving investor disclosures
Data
The FCA's Nike Trost dives into how firms can use customer data responsibly. She discusses finding the right balance between collecting enough information to make informed decisions and avoiding overly personalised journeys that feel like advice. The video highlights practical considerations for handling volunteered data, segmenting consumers, and communicating clearly to maintain trust.
Annuities
This video explores the challenges of delivering annuity and pension products within the Consumer Duty framework. Nike Trost explains the tension between personalised advice and more general guidance, and the importance of helping customers see the full range of options without being pushed into irreversible decisions. She shares insights on how firms can design smooth, supportive customer journeys.
FOS
Nike Trost explains how firms can manage complaints through the Financial Ombudsman Service (FOS) with greater confidence. The discussion covers FOS reforms, guidance on how targeted support fits into complaint handling. She highlights the FCA’s collaboration with FOS to provide clarity for firms while keeping consumer protection front and centre.
PECR
In this video, Nike Trost addresses the challenges of PECR (Privacy and Electronic Communications Regulations) for financial firms. She explains the differences between pensions and investments, how firms can communicate effectively under the rules, and the FCA’s ongoing work with government departments and the ICO to provide clear guidance. The focus is on practical steps firms can take to stay compliant.
Risk
Nike Trost discusses improving risk disclosures under the Consumer Duty, particularly for investment products. She explains why current disclosure methods often fail and highlights how firms can focus on core areas like cost, performance, and risk. The video also explores using technology to make disclosures more engaging and ensuring that customers understand the information presented to them.
Retrospective Regulatory Action
This session covers how firms can evolve their targeted support offerings over time without fear of being unfairly judged for earlier decisions. Nike Trost highlights the importance of starting with simpler journeys, learning from customer feedback, and clearly communicating changes while meeting authorisation requirements. The goal is to give firms confidence in continuous improvement.
Authorisation Process
Nike Trost outlines what firms can expect from the authorisation process under the Consumer Duty. She covers pre-application conversations, evidence requirements, and testing of consumer journeys. The video also explains how the FCA evaluates different propositions and customer communications to ensure offerings are suitable for the mass market and meet regulatory standards.
Good Outcomes
In this video, Nike Trost focuses on how firms can deliver measurable good outcomes for customers. She discusses the challenges of evidencing success, particularly in pensions, and explores how targeted support, customer segmentation, and thoughtful product choices can improve financial decisions. The video also explains how firms can engage customers safely and fairly from the outset.
Data
The FCA's Nike Trost dives into how firms can use customer data responsibly. She discusses finding the right balance between collecting enough information to make informed decisions and avoiding overly personalised journeys that feel like advice. The video highlights practical considerations for handling volunteered data, segmenting consumers, and communicating clearly to maintain trust.
Annuities
This video explores the challenges of delivering annuity and pension products within the Consumer Duty framework. Nike Trost explains the tension between personalised advice and more general guidance, and the importance of helping customers see the full range of options without being pushed into irreversible decisions. She shares insights on how firms can design smooth, supportive customer journeys.
FOS
Nike Trost explains how firms can manage complaints through the Financial Ombudsman Service (FOS) with greater confidence. The discussion covers FOS reforms, guidance on how targeted support fits into complaint handling. She highlights the FCA’s collaboration with FOS to provide clarity for firms while keeping consumer protection front and centre.
PECR
In this video, Nike Trost addresses the challenges of PECR (Privacy and Electronic Communications Regulations) for financial firms. She explains the differences between pensions and investments, how firms can communicate effectively under the rules, and the FCA’s ongoing work with government departments and the ICO to provide clear guidance. The focus is on practical steps firms can take to stay compliant.
Risk
Nike Trost discusses improving risk disclosures under the Consumer Duty, particularly for investment products. She explains why current disclosure methods often fail and highlights how firms can focus on core areas like cost, performance, and risk. The video also explores using technology to make disclosures more engaging and ensuring that customers understand the information presented to them.
Retrospective Regulatory Action
This session covers how firms can evolve their targeted support offerings over time without fear of being unfairly judged for earlier decisions. Nike Trost highlights the importance of starting with simpler journeys, learning from customer feedback, and clearly communicating changes while meeting authorisation requirements. The goal is to give firms confidence in continuous improvement.
Authorisation Process
Nike Trost outlines what firms can expect from the authorisation process under the Consumer Duty. She covers pre-application conversations, evidence requirements, and testing of consumer journeys. The video also explains how the FCA evaluates different propositions and customer communications to ensure offerings are suitable for the mass market and meet regulatory standards.
Good Outcomes
In this video, Nike Trost focuses on how firms can deliver measurable good outcomes for customers. She discusses the challenges of evidencing success, particularly in pensions, and explores how targeted support, customer segmentation, and thoughtful product choices can improve financial decisions. The video also explains how firms can engage customers safely and fairly from the outset.
Data
The FCA's Nike Trost dives into how firms can use customer data responsibly. She discusses finding the right balance between collecting enough information to make informed decisions and avoiding overly personalised journeys that feel like advice. The video highlights practical considerations for handling volunteered data, segmenting consumers, and communicating clearly to maintain trust.
Annuities
This video explores the challenges of delivering annuity and pension products within the Consumer Duty framework. Nike Trost explains the tension between personalised advice and more general guidance, and the importance of helping customers see the full range of options without being pushed into irreversible decisions. She shares insights on how firms can design smooth, supportive customer journeys.
FOS
Nike Trost explains how firms can manage complaints through the Financial Ombudsman Service (FOS) with greater confidence. The discussion covers FOS reforms, guidance on how targeted support fits into complaint handling. She highlights the FCA’s collaboration with FOS to provide clarity for firms while keeping consumer protection front and centre.
PECR
In this video, Nike Trost addresses the challenges of PECR (Privacy and Electronic Communications Regulations) for financial firms. She explains the differences between pensions and investments, how firms can communicate effectively under the rules, and the FCA’s ongoing work with government departments and the ICO to provide clear guidance. The focus is on practical steps firms can take to stay compliant.
Risk
Nike Trost discusses improving risk disclosures under the Consumer Duty, particularly for investment products. She explains why current disclosure methods often fail and highlights how firms can focus on core areas like cost, performance, and risk. The video also explores using technology to make disclosures more engaging and ensuring that customers understand the information presented to them.
Retrospective Regulatory Action
This session covers how firms can evolve their targeted support offerings over time without fear of being unfairly judged for earlier decisions. Nike Trost highlights the importance of starting with simpler journeys, learning from customer feedback, and clearly communicating changes while meeting authorisation requirements. The goal is to give firms confidence in continuous improvement.
Authorisation Process
Nike Trost outlines what firms can expect from the authorisation process under the Consumer Duty. She covers pre-application conversations, evidence requirements, and testing of consumer journeys. The video also explains how the FCA evaluates different propositions and customer communications to ensure offerings are suitable for the mass market and meet regulatory standards.
Good Outcomes
In this video, Nike Trost focuses on how firms can deliver measurable good outcomes for customers. She discusses the challenges of evidencing success, particularly in pensions, and explores how targeted support, customer segmentation, and thoughtful product choices can improve financial decisions. The video also explains how firms can engage customers safely and fairly from the outset.
Data
The FCA's Nike Trost dives into how firms can use customer data responsibly. She discusses finding the right balance between collecting enough information to make informed decisions and avoiding overly personalised journeys that feel like advice. The video highlights practical considerations for handling volunteered data, segmenting consumers, and communicating clearly to maintain trust.
Annuities
This video explores the challenges of delivering annuity and pension products within the Consumer Duty framework. Nike Trost explains the tension between personalised advice and more general guidance, and the importance of helping customers see the full range of options without being pushed into irreversible decisions. She shares insights on how firms can design smooth, supportive customer journeys.
FOS
Nike Trost explains how firms can manage complaints through the Financial Ombudsman Service (FOS) with greater confidence. The discussion covers FOS reforms, guidance on how targeted support fits into complaint handling. She highlights the FCA’s collaboration with FOS to provide clarity for firms while keeping consumer protection front and centre.
PECR
In this video, Nike Trost addresses the challenges of PECR (Privacy and Electronic Communications Regulations) for financial firms. She explains the differences between pensions and investments, how firms can communicate effectively under the rules, and the FCA’s ongoing work with government departments and the ICO to provide clear guidance. The focus is on practical steps firms can take to stay compliant.
Risk
Nike Trost discusses improving risk disclosures under the Consumer Duty, particularly for investment products. She explains why current disclosure methods often fail and highlights how firms can focus on core areas like cost, performance, and risk. The video also explores using technology to make disclosures more engaging and ensuring that customers understand the information presented to them.
Retrospective Regulatory Action
This session covers how firms can evolve their targeted support offerings over time without fear of being unfairly judged for earlier decisions. Nike Trost highlights the importance of starting with simpler journeys, learning from customer feedback, and clearly communicating changes while meeting authorisation requirements. The goal is to give firms confidence in continuous improvement.
Authorisation Process
Nike Trost outlines what firms can expect from the authorisation process under the Consumer Duty. She covers pre-application conversations, evidence requirements, and testing of consumer journeys. The video also explains how the FCA evaluates different propositions and customer communications to ensure offerings are suitable for the mass market and meet regulatory standards.
Good Outcomes
In this video, Nike Trost focuses on how firms can deliver measurable good outcomes for customers. She discusses the challenges of evidencing success, particularly in pensions, and explores how targeted support, customer segmentation, and thoughtful product choices can improve financial decisions. The video also explains how firms can engage customers safely and fairly from the outset.
Data
The FCA's Nike Trost dives into how firms can use customer data responsibly. She discusses finding the right balance between collecting enough information to make informed decisions and avoiding overly personalised journeys that feel like advice. The video highlights practical considerations for handling volunteered data, segmenting consumers, and communicating clearly to maintain trust.
Annuities
This video explores the challenges of delivering annuity and pension products within the Consumer Duty framework. Nike Trost explains the tension between personalised advice and more general guidance, and the importance of helping customers see the full range of options without being pushed into irreversible decisions. She shares insights on how firms can design smooth, supportive customer journeys.
FOS
Nike Trost explains how firms can manage complaints through the Financial Ombudsman Service (FOS) with greater confidence. The discussion covers FOS reforms, guidance on how targeted support fits into complaint handling. She highlights the FCA’s collaboration with FOS to provide clarity for firms while keeping consumer protection front and centre.
PECR
In this video, Nike Trost addresses the challenges of PECR (Privacy and Electronic Communications Regulations) for financial firms. She explains the differences between pensions and investments, how firms can communicate effectively under the rules, and the FCA’s ongoing work with government departments and the ICO to provide clear guidance. The focus is on practical steps firms can take to stay compliant.
Risk
Nike Trost discusses improving risk disclosures under the Consumer Duty, particularly for investment products. She explains why current disclosure methods often fail and highlights how firms can focus on core areas like cost, performance, and risk. The video also explores using technology to make disclosures more engaging and ensuring that customers understand the information presented to them.
Retrospective Regulatory Action
This session covers how firms can evolve their targeted support offerings over time without fear of being unfairly judged for earlier decisions. Nike Trost highlights the importance of starting with simpler journeys, learning from customer feedback, and clearly communicating changes while meeting authorisation requirements. The goal is to give firms confidence in continuous improvement.
Authorisation Process
Nike Trost outlines what firms can expect from the authorisation process under the Consumer Duty. She covers pre-application conversations, evidence requirements, and testing of consumer journeys. The video also explains how the FCA evaluates different propositions and customer communications to ensure offerings are suitable for the mass market and meet regulatory standards.
Good Outcomes
In this video, Nike Trost focuses on how firms can deliver measurable good outcomes for customers. She discusses the challenges of evidencing success, particularly in pensions, and explores how targeted support, customer segmentation, and thoughtful product choices can improve financial decisions. The video also explains how firms can engage customers safely and fairly from the outset.
Speak to us
We are already working with a variety of firms to bring their Targeted Support offering to market.
Contact us at mikhail@boringmoney.co.uk to discuss how you can join our Targeted Support programme, and how we can help you deliver—and prove—better outcomes for your customers.