UK regulators back evolution of robo-advisors
The UK's FCA and Treasury are looking at simplifying regulation of financial advice in order to help innovation in the sector. The FCA plans to set up a 'sandbox' where firms can experiment with consumer product technology without the full burden of regulation. It views competition in the advice market to be crucial and wants it be used to help test potential robo-advice models. Proposals are due to be set this quarter, with final proposals to be produced ahead of Budget 2016. 

A start-up that wanted to enter the automated advice space was told it would have to ask consumers 247 questions to comply with regulation, the economic secretary to the Treasury said, as both the government and regulator promised to develop a ‘sandbox’ for innovation in this space.