The UK's Financial Conduct Authority’s (FCA) hosted a robo-advice forum this week. One complaint highlighted during the forum was the red-tape new entrants to the automated advice market face. One unnamed firm was told by the regulator that they needed to give consumers a 247 question survey in order to be compliant.
one unnamed firm who would have needed to give consumers a 247 question survey in order to be compliant with the FCA. 'As new technology comes onto the market we clearly need to make sure that the statutory landscape is appropriate,' she said. 'We need to strike the right balance between regulating the market and knocking down barriers to entry.' 'Of course it’s important to gather information but I think most of us can agree 247 questions does sound excessive. It’s exactly that kind of thing we want to hear people’s views on.'