Four big banks among participants in FCA advice unit

Four advice firms also on list

Four big banks are among the 17 firms accepted into the Financial Conduct Authority's (FCA) robo-advice development project 'advice unit', the regulator has said.

In a statement released today, the FCA named the participants in its first two rounds of the project, which aims to help firms develop automated advice and discretionary investment management models. Among them were banks HSBC, Lloyds, National Westminster, Santander and building society Nationwide, as well as advice firms Mortimer Mackenzie, True Potential, Personal Touch and Standard Life's 1825. The number of banks represented suggests a keen interest to move back into the advice space following their exodus after the Retail Distribution Review. The FCA's advice unit was establi...