Lloyds Bank is to create a new AI-enabled simplified advice service under its Lloyds Wealth brand.

FCA proposals to simplify advice rules could unlock advice options for millions of people with straightforward needs who are currently excluded by cost, complexity or process, according to Sam Christopher, proposition director at wealth manager and platform Quilter.

Almost two-thirds of wealth management and financial advice firms (63%) do not currently plan to offer Targeted Support.

FCA CEO Nikhil Rathi has told a City audience today that an announcement on a new generation of targeted support and simplified advice was "imminent."