‘Targeted support’ means certain banks and financial institutions can offer free extra help with investments and pensions

Many Britons are daunted by the world of investing, but new City rules mean certain banks and financial institutions can offer free extra help with investments and pensions.

Last month marked the launch of “targeted support”, a new regulated service that permits companies to suggest investments and pension products to customers that might provide a better return.

The campaign is part of government initiative to boost financial risk taking, amid fears UK growth is being stymied

• Nils Pratley: the ‘Savvy Squirrel looks a hit too tame’

City firms are pinning their hopes on a government-endorsed advertising blitz fronted by a finance “savvy” CGI squirrel to encourage cautious British savers to shift out of cash and start investing.

The long-awaited retail investment campaign, which will cost up to £50m, is part of the chancellor Rachel Reeves’ nationwide push to encourage more financial risk taking, amid fears risk-averse consumers are losing out and ultimately stymying UK growth.