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Standard Life’s 1825 turns to FCA for robo-advice help

Finance-Concept-Technology-Brain-Money-700x450.jpgStandard Life owned national advice firm 1825 is among a number of firms to approach the FCA for help developing a robo-advice proposition, the regulator has revealed.

In a note this morning, the FCA published the names of the second round of firms to join its Advice Unit – the team set up in the wake of the Financial Advice Market Review to assist firms looking to work on automated advice and discretionary investment management models.

1825 joined, Investec Click & Invest, Moneyfarm and four others in the cohort that entered the Advice Unit earlier this year.

1825 has been approached for comment on the type of service it is looking to build.

FCA ‘won’t wait for FAMR’ as it plans robo-advice unit launch

The second group built on the 10 firms that were accepted last year, including banking giants HSBC, Lloyds Banking Group and Santander.

The remit of the Advice Unit is also becoming wider, the FCA announced, as it prepares to accept mortgage, general insurance and debt advice firms, as well as firms looking to provide guidance as opposed to a full advice service.

The FCA is now taking firms on a rolling basis rather than in cohorts.

The regulator plans to give firms feedback on their propositions with a view to making tools and information available more publicly after.

FCA executive director of strategy and competition at the Christopher Woolard said: “The Advice Unit’s initial work, including the support it has provided to firms, has shown its potential and the changes announced today present a further opportunity to widen consumer access to financial advice and guidance across a broader range of sectors.”

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