Eight large-scale robo-advisers on the way, FCA says

Regulator accepted nine firms into advice unit

The UK financial services market will see the entry of eight large-scale robo-advisers, the Financial Conduct Authority (FCA) has said.

Executive director of strategy and competition Christopher Woolard said the regulator's advice unit has started to work with nine firms on creating automated advice models. Of these nine firms, eight are "established financial services, who want to bring automated advice to the market at scale", he said. The regulator opened its advice unit in July, after its joint work with the Treasury, the Financial Advice Market Review (FAMR), identified technology as a means of giving consumers better access to affordable advice. Since then the FCA has received 19 applications, of which 10 wer...