View more on these topics

Standard Life advice arm takes robo-advice plans to FCA trial

Standard Life’s advice arm 1825 has approached the FCA again to begin trialling a robo-advice proposition.

In the wake of the Financial Advice Market Review in 2016, the FCA set up a dedicated advice unit to assist firms looking to use technology to bring automated advice services or discretionary investment models to market, potentially making advice more widely accessible.

In June last year, it was revealed the Standard Life planning business was working with the unit to develop a robo-advice proposition, along with other firms including Investec Click & Invest and Moneyfarm.

It was unclear what kind of proposition 1825 was looking to build, however.

The FCA has now announced the names of a fourth round of firms to enter into its wider “Regulatory Sandbox” project, where firms can trial new business models under FCA-controlled conditions.

1825 has successfully won a spot on the project for an “automated advice proposition for consumers that are close to retirement”.

The FCA note reads: “Plans are generated by an automated advice engine that considers how to meet the needs and aspirations of consumers using their available liquid and illiquid assets.”

Other financial planning-led entrants to the Sandbox include Multiply, billed as a “service that combines financial modelling and machine learning to provide holistic financial plans with specific product recommendations directly to consumers”, Zippen, “a service that enables individuals to transfer and consolidate their pensions all in one place”, and NorthRow, a “service that enhances KYC, client onboarding and monitoring processes using account data to support identity verification and financial suitability”.

Recommended

MM-AutumnBudgetBanner
3

Lifetime allowance 2018/19 increase confirmed but pensions absent

The Government has confirmed that the lifetime allowance 2018/19 will rise in line with inflation, but savers have been offered little else in the Autumn Budget. The lifetime allowance will increase from £1m to £1,030,000 to match CPI from 2018/19.  Though the maximum amount the can be saved each year into a Junior Isa or […]

Financial advice-planning-advice-cashflow-analysis
3

Intrinsic to pay after couple’s pension transfer charge complaint

Intrinsic Financial Planning has been told to compensate two clients who were advised to transfer their pensions into plans that made them worse off. The Financial Ombudsman Service handled two complaints from Mr H and Mrs H who said they were not aware of the charges that were applied to their pensions on transfer.       […]

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Kevin O'Neill 3rd July 2018 at 6:29 pm

    Watch as Standard Life approach all of YOUR customers, yet the FCA will not make any song and dance if they do and their ‘trial’ makes it cheaper for the consumer – Ethics ?

  2. Ah the wonderful management. Bottom fishing again? Perhaps a re-name to Sub-Standard Life

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com