Multiply; financial planning app gets FCA approval

Multiply is a UK-based free financial planning app, letting people access impartial financial advice. The app has now been approved by the FCA, allowing them to offer consumers holistic, fully regulated and automated financial advice.

This app has a real shot at tackling Britain’s financial advice gap on a large scale. Today, the cost of seeking financial advice stops 16m people from getting help.

Multiply has already helped thousands of self-employed people, supporting its customers to build financial plans. In the summer of 2019, the app will launch its enhanced, fully regulated service. The new and improved service will mean the mass market finally has total access to a full personal financial adviser, for free, from their smartphone.

When this enhanced service hits the market it will become the first app to automatically explore your whole financial life. Multiply will let customers discover a wide range of products, from pensions and investments to savings and insurance. Consumers share their current financial situation and goals and the app suggest which specific providers/products will work best for them. Customers can create an actionable financial plan in just 15 minutes.

Vivek Madlani, Co-founder and CEO of Multiply said: “We’re immensely proud to receive FCA approval to automate the full advice process.

“At the moment the industry is going backward, the advice gap is widening. We want to put the power of a personal financial advisor in everyone’s pocket to help Brits access the advice they need to do the stuff that really matters to them – buying a home, saving for retirement, starting a family.”

Holly Mackay, CEO of Boring Money added: “Pensions and investments remain a baffling, intimidating unknown for most people.

“There is a huge need for tech-enabled services which effectively tell people what to do. The first wave of innovation put ready-made investment portfolios online, simplifying the process and making things better. But the bigger problem is not a product problem, it’s an advice problem. Anything which simplifies this and makes it more affordable and accessible to more people is a great step forward.”