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FCA to set boundaries of online guidance and advice

The FCA is to publish a consultation next month to address the distinction between online guidance services and regulated advice.

The Financial Times reports the regulator is looking to address concerns around the “grey area”  of online investment services offering advice and those providing guidance.

Most direct-to-consumer platforms offer a degree of investment guidance, with some offering risk-profiling and recommended investment portfolios.

Speaking at a Treasury Select Committee hearing in February, FCA chief executive Martin Wheatley said the regulator wanted to make it clear to consumers what constituted online advice and what was not fully regulated advice.

In the TSC hearing, Wheatley also said he thought it was possible to offer advice without human interaction.

The regulator announced a separate review of non-advised sales and simplified advice in December. 

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. They had better pay attention to the MAS offering otherwise some serious shooting in the foot could happen!

  2. About time.

  3. Julian Stevens 12th May 2014 at 4:51 pm

    More Trying to Catch Fog. If the line is grey, how can it be sharpened into a clear black one? It’s a bit like the idea of simplified advice. They’ll talk about it a great deal and spend a lot of money in the process, but will anything definitive result?

  4. This is hilarious, the FCA has a dreadful track record on communication. They also like nothing better than shooting at IFAs over the advice they give. So who will police the advice given by the FCA?

    … silly me, the FCA will police the FCA like always!

  5. It’s tempting to take a Masters in UK Regulation but for two small problems – it changes every ten minutes, so one would be death before its completed, and secondly, it would read more like a surreal fairytale than a work of fact.
    It reminds of the old brainstorming sessions, with the caveat that one should reject the daft suggestions, not turn them into law.
    C’est la vie!

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