Four big banks among participants in FCA advice unit

Four advice firms also on list

Carmen Reichman
clock • 2 min read

Four big banks are among the 17 firms accepted into the Financial Conduct Authority's (FCA) robo-advice development project 'advice unit', the regulator has revealed.

In a statement released today, the FCA named the participants in its first two rounds of the project, which aims to help firms develop automated advice and discretionary investment management models. Among them were banks HSBC, Lloyds, National Westminster and Santander and building society Nationwide, as well as advice firms Mortimer Mackenzie, True Potential, Personal Touch and Standard Life's 1825. The number of banks represented suggests a keen interest to move back into the advice space following their exodus after the Retail Distribution Review. The FCA's advice unit was esta...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read
A practical way forward: Utilising hybrid to close the advice gap

A practical way forward: Utilising hybrid to close the advice gap

Will the FCA's advice/guidance review increase access to advice?

Chet Velani
clock 02 April 2024 • 6 min read