The Financial Services Consumer Panel (FSCP) has published a research report on assessing online investment and advice services and a related position paper on the consumer experience. The FSCP carried out research in the light of its concerns about the boundaries around advice and guidance, the extent to which the nature of the service is communicated to investors, the protection available to consumers, the prominence of risk warnings, the transparency of costs and charges and the quality of risk assessment and suitability processes. The FSCP concluded that there is a need for the FCA to clarify the rules across the online investment market, including issuing guidance to ensure providers of online investment sales and advice are clear about the service being provided.
View FSCP research on robo-advice, 16 December 2016
View Consumer panel position paper, 16 December 2016