Banks to tell you where you might put your money

People who might otherwise turn to friends, family, or social media influencers for financial advice are to be given new help to invest their money.

Targeted support from registered banks and other financial firms is being given the go-ahead by the City regulator and should start in April.

This will allow firms to make investment and pensions recommendations based on what similar groups of people could do with their money.

It still falls short of individually tailored advice, which can only be provided by an authorised financial adviser for a fee.

Nearly one in five people turned to family, friends or social media for help making financial decisions, according to a survey by the Financial Conduct Authority (FCA).

Sarah Pritchard, deputy chief executive of the FCA, said the new regime would be "game changing".

"It means millions of people can get extra help to make better financial decisions," she said.

"We also hope it will build greater confidence to invest. While investing will not be right for everyone, we know people in the UK invest less compared to the EU or US."