Robot Financial Advice Feasible

Robot Financial Advice Feasible.

In a Treasury Select Committee hearing, financial regulator chief, Martin Wheatley, Chief Executive of the Financial Conduct Authority (FCA) has agreed that it is possible and acceptable for automated financial advice.

When asked by TSC chair, Andrew Tyrie, Mr Wheatley confirmed that it is allowable but the financial industry must take care to explain exactly what service the public are receiving.

The financial services industry has a doctrine to be “clear, fair and not mis-leading” and Mr Wheatley suggested that all too often, financial services websites did not make it clear whether they were offering financial advice or whether they were transacting investments and pensions on a non-advised, execution only business.

Comment

Our websites are clear at the moment that we do not allow clients to simply buy investments, pensions or insurance products without advice.

Many of you will also be aware that we have been developing a financial advice robot now for a couple of years.  This will be available for release in the summer and we hope will transform how you think and deal with your money.

Automatically, our bot will give you realistic projections of pensions and investments, highlight tax and insurance issues and help you solve problems yourself.  The TomPig is coming.