Royal London launches D2C financial planning tool

Royal London today launched its online financial planning tool for consumers, MoneyVista.

Consumers must pay a subscription of £8 per month, £20 per quarter or £75 per year to use the tool.

MoneyVista is not aimed at people who have a financial adviser and does not recommend or transact financial products, Royal London said.

However, it does provide indicative costs of products, and has "health warnings" on complicated topics pointing users towards financial advice, the provider said.

Martin Peterlechner, head of marketing at MoneyVista, said: "We have consulted with consumers and industry experts to help us develop, build and test the service.

"Self-directed consumers find it a valuable aid to planning, making them more aware of their situation and what they need to do to achieve their financial goals."

In September, Friends Life launched an online and over-the-phone financial advice service for customers with Friends policies who no longer had a relationship with their original adviser.