The Financial Conduct Authority (FCA) has launched a group to help advisers bring robo-services to market but not all firms will be able to enter. Here are six criteria the FCA wants met before advisers can enter...
The FCA's 'advice unit' will help firms develop their own robo-advice by supporting them with regulatory feedback and material. The service, which opened for applications for its first wave of intake on 31 May, will initially be free of charge for firms to use. But in order to participate, advisers have to prove their proposed offering will satisfy the regulator in six key aspects. 1 The low cost potential The regulator wants future robo-advisers to have the potential to deliver a lower cost advice service which targets the mass market. In particular, it should target unserve...
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