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.

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