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FCA to spotlight ‘robo-advice’ in Project Innovate

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The FCA is to expand initiatives to encourage innovation across financial services through a series of themed weeks, beginning with sessions on robo-advice.

Beginning in September, the FCA will seek to learn about problems with the regulatory system as well as dispelling myths and uncertainties, with robo-advice first to be targeted.

The final programme has yet to be decided, but the FCA hopes the initiative will help it understand development and encourage innovation.

At the same time, the FCA says it hopes to expand the reach of Project Innovate and is seeking better engagement with larger businesses, which it says have failed to reach out to the regulator.

It is understood the issue is represented across the financial services industry, with market leaders in insurance, banking and advice failing to participate.

The FCA says: “This is a missed opportunity for them, particularly if they hold back on initiatives because of apprehension or uncertainty about the regulatory environment, as well as for us (since it limits our impact).

“We will therefore build a programme of proactive engagement with large incumbents, to make sure their potential for consumer-friendly innovation is not being held back by regulatory considerations. In particular, we will seek out opportunities to conduct pilot research on new initiatives.”

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Comments

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  1. Who in their right mind would try to engage with a crowd of numpties who refuse point blank to state “If you do this, you will be fine. If you do not we will come down on you like a ton of bricks”. All they ever do is say this is the outcome we want to achieve no bu**er off and design your own systems and we won’t bother looking at it until years down the line. At that point we will tell you if you are doing ok or we will slap a 166 on you and cost you zillions in redress because thats not what we wanted you to do.
    Why are they surprised that they have had such a p*ss poor response? Its hardly rocket science is it?
    Maybe they actually believe that what they do and the way they do it is actually a good idea…. Yeah that must be it

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