Digital IFA disruptor Fintuity is to offer free initial advice to NHS staff via video to mark the launch this week of its new online financial advice service.

The company claims to be the UK’s “only FCA regulated-online Independent Financial Adviser.”

The business says its aim is to ‘disrupt the traditional financial advisory market’ by using digital client engagement.

The firm’s website states that it aims to put an end to “unreasonable fees” and says: “The financial advisory industry is amongst one of the most inefficient and technology deficient in the United Kingdom with advisers charging higher fees to compensate.”

The company will charge between 1% and 1.5% of a client’s investable assets for its investment and pension advice but says “in comparison, traditional IFAs would normally take 2% – 3% of the customers’ investable assets.”

To mark the launch, doctors, nurses and emergency service workers will be offered free financial advice via video link with human Fintuity advisers on pensions, investments, mortgages and insurance.

The company says the service will give NHS staff access to human financial advice at a time when seeing traditional advisers is difficult during the lockdown.

Fintuity was founded in 2017 in London and calls itself a fintech IFA disruptor.

The firm’s website states that it aims to put an end to “unreasonable fees” and says: “The financial advisory industry is amongst one of the most inefficient and technology deficient in the United Kingdom with advisers charging higher fees to compensate.”

Mortgage and general insurance advice is free and paid for by provider commission.

Edward Downpatrick, strategy director for Fintuity, said: “We are very proud to offer completely free online financial advice to NHS staffers at a time when family budgets are squeezed and there is so much uncertainty in the economy.

“Our NHS heroes work long hours on the front line every day, treating the sick and tackling this terrible virus. At this time of national emergency, it is absolutely vital that communities and businesses come together to support health service workers in any way they can.”

Fintuity is also offering new signees 50% off fees to mark the launch.