Wealth Wizards developing software for FCA's 'abridged advice' proposals

Early 2020

Sophie King
clock • 2 min read

Fintech firm Wealth Wizards has said it is developing software to enable financial advisers to implement a digital 'abridged advice' service.

Last month the Financial Conduct Authority (FCA) proposed introducing low-cost ‘abridged advice' on potential pension transfers for customers where a pension transfer is likely to be unsuitable. Under the FCA's proposals, abridged advice would take in the initial stages of the usual advice process, such as conducting a fact-find and risk assessment, including an assessment of the client's attitude to transfer risk. If the proposals go through, the practice would have to be carried out, or checked by, a pension transfer specialist. The Wealth Wizards said the service, scheduled to be r...

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