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”.