The Financial Conduct Authority (FCA) is planning to establish a specialised unit for robo-advice firms as part of its business plan for 2016/17.
The development follows Financial Advice Market Regulation’s (FAMR) recommendation to develop an ‘advice unit’ to assist companies with an automated advice models and cut costs.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
FCA said that the robo-advice unit will be separate from Project Innovate, its existing projects supporting financial tech.
FCA said: "For new products, we will continue to monitor the development of automated advisory services (often described as ‘robo advice’) in the financial sector, as well as new drawdown products being designed and delivered in response to the new pension freedoms."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
