Fidelity Worldwide Investment’s guidance service aims to help people who want to manage their own money but do not have the confidence to go it alone or do not want to pay a fee for advice.

Under the Retail Distriubtion Review (RDR) rules, which came into force on 1 January, advisers have to charge clients for their services and can no longer rely on commission.

According to a report by Fidelity and the Cass Business School last month, as many as 43 million Brits could fall into what they call a ‘guidance gap’ as a result of the RDR. It revealed that just 14% of the UK adult population are willing to pay a fee for financial advice, and that 50% of investors would prefer to use a guidance service over advice.

The new service will enable people to choose a savings vehicle based on their goals and personal circumstances. This could take the form of an ISA, Junior ISA, a personal pension or an investment account.

Key highlights of the service include 15 new risk-rated funds, as well as model portfolios aimed at making it easier for savers to choose funds.

Fidelity has also announced a half price ISA and 0.75% cashback for those who bring their ISA, personal pension and other eligible investments from another provider by April 2013.

Mark Till, head of personal investing at Fidelity Worldwide Investment, said: “We believe there is a very real risk that a large proportion of the UK population will fail to reach their financial goals without additional help.

“With this huge gap in mind, we have developed a service which we believe has the ability to set savers on the right path towards taking control of their investment and savings decisions. With many years of experience as investors, we have applied the same skill to developing this service.

“We believe we will be the cheapest ISA provider in the UK this tax year and this offer gives every investor the chance to try this service knowing that they are also saving money.”