Four big banks among participants in FCA advice unit

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...