View more on these topics

FCA extends robo-advice team to help guidance solutions

The FCA is extending its robo-advice team to also help firms wanting to develop guidance solutions

The Advice Unit was set up in the wake of the Financial Advice Market Review last year to assist companies wanting to bring mass-market automated advice models to market by offering dedicated support on regulatory requirements and the authorisations process.

The project will now also open to firms wishing to provide guidance as opposed to full regulated advice in an automated way.

The Advice Unit was originally targeted at the development of investment, pensions and protection advice, but will now also be extended to mortgage, general insurance and debt advice.

In a speech today at the Innovate Finance Global Summit, FCA executive director of strategy and competition Christopher Woolard said: “In a way, our journey has mirrored that of the firms we support: from start-up to a more established enterprise. Over time, we want some of what we do in our innovation work to become the norm in how we operate.

“But we also need to keep evolving as we do that….For example, the Advice Unit, which currently assists firms developing automated advice models will now have a broader remit, taking in firms within the mortgage, general insurance and debt sectors, as well as firms that want to provide guidance instead of regulated advice.”

Clarifying the regulatory boundary between guidance and advice informed some of the key recommendations of FAMR over fears that providers were not offering consumers generalised help because they believed they would have to take regulatory responsibility for ‘advice’.

9 of the 19 firms that applied in the first round of Advice Unit entries were successful, with a further round opened last November.

Recommended

Tiller-David-Standard-Life-2013-700x450.jpg
1

Standard Life to offer IFAs robo-advice help in Elevate shake-up

Standard Life is exploring robo-advice tools as it sets out to advisers its plans for acquired platform Elevate, including a rebrand. A blog on the Standard Life website today by Standard Life adviser and wealth manager propositions head David Tiller explains further the company’s plans for Elevate. This week Standard Life announced it would be improving […]

1

Rating the robos: Ian McKenna launches robo-advice review service

Advisers will have access to independent reviews of 20 robo-advisers through a new service from the Finance and Technology Research Centre. The service, called Digital Wealth Insights, will add a further five to 10 reviews of robo-advisers each month. The 20 firms are broken down into non-advised investment, advised investment, personal financial managers, and microsavings […]

Mark-Carney-with-bank-note-in-background-700.jpg

Carney warns on systemic risks of robo-advice and fintech boom

Bank of England governor Mark Carney has warned that developments in financial technology such as robo-advice will pose a systemic risk if they are not monitored properly by regulators. Speaking at a G20 meeting in Germany, Carney said the ability of fintech companies to transform banking with the help of technology meant policymakers had to be […]

1

School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment