Four big banks among participants in FCA advice unit

Four advice firms also on list

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 COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

CII calls for new approach to vulnerability data sharing

CII calls for new approach to vulnerability data sharing

Many firms displaying “excessive caution”

Jaskeet Briah
clock 25 June 2025 • 2 min read
IPT receipts hit £1.48bn in May 2025

IPT receipts hit £1.48bn in May 2025

Up £50m year-on-year

Jaskeet Briah
clock 20 June 2025 • 2 min read
Sarah Pritchard named FCA's deputy CEO

Sarah Pritchard named FCA's deputy CEO

Promoted to the newly created role

Jenna Brown
clock 11 June 2025 • 1 min read