Financial advice from artificial intelligence

After a period of second guessing from the financial press, the waiting is finally over with the publication of both the Call for Input on the Financial Advice Market Review and the Treasury’s Public Financial Guidance Consultation. This follows the FCA’s robo-advice conference, which included a reference from Harriet Baldwin MP, economic secretary to the Treasury, on the ‘sandbox’ idea. The sandbox idea is to provide a “safer space” for firms to experiment with ideas for consumers and to encourage innovation, free from the full burden of regulation. When up and running, this could be used to test potential robo-advice models. There are of course a multitude of legal boundaries to overcome, but the ‘sandbox’ is critical in helping to further expand the UK’s booming fintech sector. The ‘sandbox’ would…

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