The international bank received authorisation from the regulator last month to launch the scheme. It was officially launched on 29 October.

HSBC is set to ramp up marketing efforts for the new programme next year, including targeted invitations to customers with significant cash holdings. The framework for targeted support went live in April this year, reports Citywire, offering high-street lenders a route to steer clients into investment products.

HSBC’s new offering will include a quiz to identify customers’ investor style, following educational material on inflation and investing, a readiness check and eligibility criteria. The style recommended in the quiz will result in the bank advising its clients on a matching ready-made portfolio within the HSBC app.

Emma Tilt, head of digital wealth at HSBC UK, told the outlet that the product was in the works before the targeted support rules were introduced, following focus groups to help identify customers’ behaviours and emotions around money. It was then refined to create the service.

She said: “One measure of success is how many people go through and actually go and open an account and invest. But that shouldn’t be and isn’t the only metric. For me, it’s around that engagement, making customers aware.”

The framework was introduced by the FCA to allow firms to suggest specific products or actions based on common characteristics of a group. It has been rolled out so far by Quilter and Vanguard, with banks slower to launch into the market.