Advice Unit: Firms accepted for feedback

The Advice Unit is currently working with 35 firms which have been accepted for regulatory feedback. We have also provided feedback to 5 firms which have now launched their automated advice or guidance models. Acceptance into the Advice Unit does not imply FCA endorsement of any aspect of the firm or business model.

Advice Unit firms accepted for regulatory feedback

Advice Unit firms Description
Advantra Wealth Developing a b2b digital platform for banks and wealth managers. The model is designed for both end client and financial advisers and incorporates client profiling. This includes wealth planning, risk profiling and financial literacy assessment.

 

AdviceBridge Using machine learning to deliver personalised retirement advice for a fixed advice fee.
Advise Central An automated investment advice service that provides personalised advice to retail clients, as an alternative to face-to-face advice.
Ammonite A hybrid advice firm offering a face-to-face goals-based service with automated elements, focusing on pensions and investments.
Angel Advance Limited Automated platform that provides debt advice to consumers, including money management and financial capability tools.
Bello Automated Life insurance guidance model that is smart and simple. 
Bippit The platform leverages Open Banking data to help retail consumers generate a Goals Roadmap and an Improvement Plan. These are achievable and unique to each user.
Bridgeweave Ltd A model that uses artificial intelligence, machine learning and cognitive profiles to provide personalised insights for individual investors, investment advisors and portfolio managers.
Cervello Financial Planning An automated pensions and investments advice service aimed at the self-employed and sole director business owners.
Coverbrain Developing a platform to provide consumers with personalised digital advice for life insurance, critical illness insurance and income protection products.
Direct Life & Pension Services Ltd Developing a model for direct customers, advisers and wealth managers to generate advice and solutions for protection needs. Those include mortgage and housing cover, single and family expenses, and other anticipated requirements.
Finanum Limited Savings and investment platform focused on helping people build up their housing deposit.
Finley AI A model that uses AI to provide voice-powered financial and pension guidance. The guidance will help consumers understand pensions and basic financial planning topics through conversational voice or message chat.
HUB Financial Solutions Limited Will provide direct to consumer automated retirement advice service.
JammToday An online comparison tool of robo and passive advice providers. This will allow users to input preferred investment objectives and needs to filter providers to those meeting their input criteria. Jammtoday provides links to the provider’s website allowing users to complete their investment journey directly with their chosen provider.
Koodoo Developing a model to enable automated end to end online mortgage journeys.
Lloyds Bank Will provide direct to customer digital investment advice.
Moneyfarm An automated online advice service that offers consumers financial advice and discretionary management portfolios.
Money Guidance An automated solution providing digital financial planning tools and guidance.
Mortimer MacKenzie Ltd A financial planning service for retail clients, making use of investment, pensions, and Open Banking data.
Multiply A mobile app that provides automated holistic financial plans, with specific product recommendations, directly to consumers.

Nationwide

Automated solution providing investment advice.

Neural Alpha A software development company which focuses on financial services. The firm is developing a software platform to match investors’ sustainability preferences to investments.
Plannr An automated financial guidance service covering a range of sectors, from protection to investments and pensions.
Planswell Planswell offers free online financial planning that gives clear recommendations to help clients optimize their borrowing, investing and insurance
Plenitude An ethical robo-adviser which allows users to incorporate their values into their investments plan.
Robert Clark IFA Ltd A complete ‘robo engine’ that analyses consumer loaded data, goals and objectives. It then generates graphic and pictorial projections, forecasts, cash flow modelling, charge comparisons and risk analysis.  This identifies planning shortfalls or gaps and issues ‘Call to Action’ prompts and ‘Signposting’ to help consumers with their financial planning needs.
SavvyKiwi Online platform which provides the tools and the insights to help consumers make better informed pension decisions. It is delivers an unbiased experience independent from all providers, helps consumers make better pension fund choices, and over time alerts about changes to the customer’s fund that need attention.
Smart Pensions A guided workplace pension proposition, built around the individual that produces an income in retirement that is both flexible and secure, using behavioural economics.
Standard Life Assurance Ltd Automated advice proposition generating plans for consumers that are close to retirement. An automated advice engine considers how to meet the needs and aspirations of consumers using their available liquid and illiquid assets.
Wealth Wizards Ltd Wealth Wizards develops propositions that deliver automated financial advice and guidance to consumers. This includes MyEva, an independent digital financial adviser who brings together human and computer intelligence. It also includes Turo, an automated financial advice engine for the advice industry.
WealthKernel A financial infrastructure platform which offers services necessary to quickly launch a digital investing solution. The services can be accessed through an API or plug-and-play through white-labelled interfaces.
Yaari Developing a model which will provide financial guidance to customers on their current financial position in relation to future financial goals.
Zippen A service that enables individuals to transfer and consolidate (hence ‘zip’) their pensions (‘Zip-pen’) all in one place, delivering convenience and financial advantage.

Advice Unit firms which have launched models

Advice Unit firm Description   
Finimize Helps people make more informed financial decisions by giving them independent, easy-to-digest content paired with access to a community of like-minded individuals who have similar financial goals.  
HSBC UK An automated online advice service that offers consumers regulated advice for a fixed advice fee.  
Nationwide Automated solution providing digital savings guidance.  
National Westminster Bank Plc An automated online advice service that offers consumers regulated advice for a fixed advice fee.  

Santander

An automated online advice service that offers consumers regulated advice for a fixed fee. Features a chat-bot with gamified elements.