Free financial planning app Multiply has been approved by the FCA to provide consumers with fully regulated, automated, holistic financial advice.

This tears down the barriers preventing people accessing free, impartial advice and creates the first real chance to tackle – at scale – Britain’s financial advice gap, where 16m people are priced out of financial advice.

Multiply – which has already successfully helped thousands of self-employed people build financial plans – will launch its enhanced, fully regulated service in Summer 2019 to the mass market, putting a full personal financial adviser in everyone’s pocket, for free, for the first time.

It will become the only app that automatically explores your whole financial life across a wide range of products – from pensions and investments to savings and insurance. Once consumers share goals and financial situation it will advice on different products and which specific providers/products work best for the consumers needs. Its advice aims to help customers create an actionable financial plan in just 15 minutes.

Vivek Madlani, Co-founder and CEO of Multiplysaid: “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.”