FCA extends robo-advice work in fintech push

Added 10th April 2017

The types of firm that can approach the FCA for help developing new robo-advice products has been expanded.

FCA extends robo-advice work in fintech push

The regulator has widened the scope of its new Advice Unit, part of its Innovation Hub, to begin assisting firms in the mortgage, general insurance and debt sectors.

The FCA will also work with fintech firms looking to provide financial guidance in an automated fashion, rather than simply regulated advice providers.

The firms will join the investment, pension and protection firms that already receive robo-advice input from the FCA.

The move may be seen as a sign that the FCA is throwing its full weight behind robo-advice as a solution to the nation's advice needs, contrary to concerns it provides insufficient levels of service.

Elsewhere, the regulator is also ramping up its 'regulatory sandbox' programme that enables firms to test innovative new products outside of usual regulatory requirements.

The firm has accepted 31 new requests to join the sandbox - doubling its size.

The changes were announced by Christopher Woolard, FCA executive director of strategy and competition, in a speech to the Innovate Finance Global Summit on Monday afternoon.

He said the FCA was “committed to leading the charge” in FinTech innovation.

Sponsors

Portfolio Adviser: Guide to Europe

Portfolio Adviser: Guide to Europe

After a politically turbulent time in 2016, Europe has been under scrutiny with several nations going to the polls.The question asked, would investors be right to...

Kames Income Hub

home_research_centre

Vincent McEntegart, manager of the Kames Diversified Monthly Income Fund, explains how he aims to deliver a stable and sustainable income of 5% p.a.*, paid monthly, by investing in a range of asset classes

Square Mile Research

AXA Distribution Fund
AXA Distribution Fund

Talking Factsheets is a video service for users...

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address

About Author

Louise joined Portfolio Adviser in December 2016 as one of the editorial team’s news reporters based in London. Originally from Liverpool, she is an NCTJ-qualified journalist and began her career in 2014 working on local newspapers.

Profiles

Viewpoint

Investment Strategy

Feature

Tweets

Events

PA Income 2017
PA Income 2017

Tuesday 4 July
Radisson Blu Edwardian Bloomsbury Street Hotel 

PA Edinburgh 2017
PA Edinburgh 2017

Thursday 7 September
Balmoral Hotel

PA Alternatives 2017
PA Alternatives 2017

Tuesday 12 September
Radisson Blu Edwardian Bloomsbury Street Hotel

PA Dublin October 2017
PA Dublin October 2017

Tuesday 10 October
Westbury Hotel, Dublin

Sponsored Content

OTHER STORIES FROM LAST WORD...