The FCA and the advice gap
An FCA review this week put robos in the firing line over suitability and disclosure. Support from advisers then poured in, praising the FCA for standing up to robo advice. Yet nowhere on the FCA’s website or in the press was there mention of an advice gap, nor mention of the UK savings gap – now estimated at over £300bn.
The regulator is too busy attacking robos to realise that the rules need to be re-written. Robo advice can help the 10 million UK consumers no longer able, or prepared, to pay for traditional advice services. The only problem with that is it would require serious regulatory change from a regulator that cannot see the bigger picture.
Feature first seen in Money Marketing on 24/05/2018