Our Lobbying Means Automated Advice Closer

Lobbying For Automated Financial Advice

The option of simplified and indeed a virtual or automated financial adviser came just another small step closer when the chair of the Financial industry regulator, the Financial Conduct Authority (FCA), Martin Wheatley confirmed plans for the regulator to:

• Issue a consultation paper on advice innovation and simplified advice
• Confirmed the launch of an FCA team for “Project Innovate”
• That it will work with firms who are actively looking to develop, simplified and lower cost advice models for the public

How does this affect you?

Some clients have been working with us for two years now on our virtual and automated financial and tax adviser TomPig.

TomPig is The Online Money Pension Investment Genie

Many of you may have wondered why we have not been featuring in awards or indeed other high profile activities that we usually take part in such as articles for National Media, Radio and TV interviews. The simple answer is that we have been using all our time and capital resources to develop a total and complete automated financial planning tool.

Our development is some way down the line now and able to personalise most areas of your finances under the following headings:

• People
• Property and Land
• Mortgages
• Debts and Loans
• Income
• Expenses
• Cash & Bank Accounts
• Lump Sum Investments
• Regular Savings Plans
• Life & Critical Illness Insurances
• Income Protection Insurances
• Medical Insurances
• Pensions Investment Linked
• Pensions Final/Average Salary
• Pensions in Payment
• Wills, Estate, Care Planning
• Gifts of Money or Property Made
• Views, Experience & Priorities
• Goals & Targets

Why is TomPig still not available for all clients?

The simple answer is regulation. We have been ‘badgering’ the FCA for over a year to offer clarity on what constitutes advice, what constitutes guidance and what we are liable for when clients see their full cash flow reports, projections, tax, goals plans, suggestions to improve your position, investments, tax etc. Finally, at last, the FCA are making this is priority so once the consultation period is over, we hope to role out the “pig” to all clients rather than holding it back in BETA testing with those clients that volunteered to work with us.